ALCOHOL AND OTHER DRUGS: In Administration Following Budget Cut---------------------------------------------------------------Dan Harrison at The Sydney Morning Herald reports that the Alcoholand Other Drugs Council of Australia has been placed in voluntaryadministration after its funding was cut by the government.

The Alcohol and Other Drugs Council of Australia, which hasoperated since 1966, learned on November 27 its funding wouldcease immediately, the report says. The council is the peak bodyfor organisations working to minimise the harm caused by drugs andalcohol, providing professional development, information sharingand advocacy services on an annual budget of AUD1.6 million fromthe federal Health Department.

According to the report, President of the council's board, formerLiberal MP Mal Washer, said the decision was a "devastating blow"that would undermine years of work.

"It effectively erases decades of corporate knowledge, and leavesthe sector without representation at a national level," the reportquotes Dr. Washer as saying.

The report says the council's National Drug Sector InformationService, a repository of nearly 100,000 resources on alcohol andother drugs, will effectively shut down as a result of the fundingcut. The decision, made by Assistant Minister for Health FionaNash, came despite a written assurance from the department inApril that the council's funding was secure until July 2015, thereport notes.

The Alcohol and other Drugs Council of Australia (ADCA) --http://www.adca.org.au/-- is the peak, national, non-government organisation representing the interests of the Australian alcoholand other drugs sector, providing a national voice for peopleworking to reduce the harm caused by alcohol and other drugs.

GREATSOLAR SOLUTIONS: In Administration, Owes Millions------------------------------------------------------news.com.au reports that leading GreatSolar Solutions hascollapsed, leaving customers, creditors and dozens of former stafffacing months of turmoil.

GreatSolar Solutions entered administration with millions ofdollars of debt despite a rival firm buying parts of the business,according to news.com.au.

The report notes that the administrators launched an investigationinto the business, which recorded sales of more than AUD55 millionat its peak. The report relates that the inquiry by JirschSutherland accountants will also investigate the deal with CleanEnergy Enterprises, which could prompt legal action againstGreatSolar's directors if any wrongdoing is uncovered.

The company is the fourth major solar company in the state toexperience financial difficulty in two years.

Creditors, customers and the state's consumer watchdog werenotified of the decision to enter administration, after thecompany received legal advice it could not keep trading, thereport says. The report discloses that it leaves the futures of140 former employees across the country, including at least 65 inAdelaide, in doubt after it was said to have accumulated debts ofup to AUD5 million.

The report says that it is understood two Jirsch Sutherlandpartners were in Adelaide, just days after Consumer and BusinessServices issued a public warning about GreatSolar's "poorconduct".

The report notes that it is understood their wealthy overseasfamilies injected significant amounts of money into the business.Former colleagues have claimed the directors led comfortablelifestyles, the report says.

An audit by CBS last month found there were "reasonable grounds"to suggest the company was in direct violation of the Australianconsumer law, the report discloses.

Daniel Cobb, CEE's Melbourne-based managing director, told TheAdvertiser that he was committed to fulfilling up to 200 existingcontracts nationwide by Christmas, the report notes. CEE recentlybought the company's residential component for an undisclosed sum,the report relates.

"The administrator has to investigate that agreement andeverything the company has done in the past six to 12 months," thereport quoted Mr. Cobb as saying. "He will make a decision onwhether that agreement is to his liking or not but this isn't thefirst time we've gone into business with a company that's goneinto administration," Mr. Cobb said, the report relates.

The report adds that Consumer Affairs Commissioner Paul White saidofficials were working to protect consumers' rights.

Adelaide-based GreatSolar Solutions is a solar company. It wasfounded by entrepreneurs Charles Kwok Wong, 28, and 27-year-oldHan Kun Yang -- known as Peter -- in 2011.

JH SMITH: Placed Into Voluntary Administration----------------------------------------------Bruce Atkinson at ABC News reports that JH Smith and Sons has beenplaced into voluntary administration with the loss of 67 jobs.

JH Smith and Sons opened in Gympie 113 years ago, buildinghorsedrawn vehicles, the report discloses. At its peak, beforethe global financial crisis, the company employed more than 100workers at its factory and another 40 subcontractors in Gympie andthe Wide Bay.

According to ABC News, managing director Kerren Smith said thebusiness has run out of work, with many manufacturing jobs nowbeing done overseas.

ABC News relates that Mr. Smith said the firm recently missed outon a multi-million dollar job in north Queensland that could havekept it operating. The contract was awarded to China.

JH Smith and Sons produced transport equipment for the mining,agriculture and car industries.

The ratings on Cambodia take into account the country's low incomeand narrowly based economy, centralized political and non-transparent policymaking environment, and a highly dollarizedfinancial system. These constraints are weighed against healthygrowth prospects, substantial donor engagement, which enablesCambodia to maintain a low debt and interest burden, and anadequate external position.

The projected per capita income of US$1,040 for 2013 indicatesthat Cambodia has a commensurately low level of policy flexibilityor the fiscal wherewithal needed to avoid default in the event ofshock. The country's economic growth is vulnerable because of thestill-large weight of agriculture and the narrow profile of theindustry sector. The agricultural sector comprises 30% of GDP butemploys nearly 60% of the labor force. The sector has lowproductivity and lacks a developed downstream processing industry.The industry sector is largely centered on low value-addedgarments and textiles, which account for about 80% of exports.

The centralized political environment coupled with non-transparentpolicymaking is a major rating constraint. The government has notshown a tested and functioning mechanism in leadership succession.Tension between the ruling Cambodian People's Party (CPP) and theopposition Cambodia National Rescue Party (CNRP) has escalatedafter allegations of fraud during the July general elections.Although demonstrations have not resulted in widespread violence,in S&P's view, the risk to political stability has heightened.

The absence of an independent monetary policy framework, owing toextensive use of the U.S. dollar, hampers policy flexibility.Foreign currency deposits account for more than 80% of broadmoney, leaving the central bank with setting bank reserverequirements as the main policy tool to affect credit conditions.Cambodia does not have an interbank market, and its monetarypolicy's transmission mechanism is weak.

The country's record of stable growth with its generally market-oriented economic policies supports the ratings. Medium-termgrowth prospects are favorable as the tourism and garment-exportsectors expand, despite sluggish demand in most of theindustrialized world. S&P projects medium-term real per capitagrowth of about 6%, which excludes the potential fillip from thecountry's nascent hydrocarbon industry, should it reach productionstage.

The continued engagement of international donors also underpinsthe ratings. This support conditions policy formulation andprovides substantial fiscal and balance-of-payments assistancethrough concessional loans and grants. Together with its modestdebt level of an estimated 25.4% of GDP (net of deposits, 2013),this has afforded Cambodia a very low interest burden of 2.1% ofgeneral government revenues. S&P estimates Cambodia's averagegross external financing needs for 2013-2016 at 91.7% of currentaccount receipts plus useable reserves and its narrow net externaldebt at 0.6%. Although S&P expects its current account to remainin deficit because of large capital imports, it is fully financedby large net foreign direct investments and official loans.

OUTLOOK

The stable outlook incorporates S&P's expectation of policycontinuity and donor support. S&P sees less than a one-in-threeprobability that the rating will move up or down in the next 12months. S&P may raise the rating if it sees indications ofstrengthening political institutions, including greater checks andbalances, or if the government pursues policies that raiseCambodia's healthy medium-term growth prospect even higher. Onthe other hand, if Cambodia's current strengths on the fiscal orexternal side erode, S&P may lower the rating. S&P may alsodowngrade Cambodia if, contrary to our expectations, the impassebetween the CCP and CNRP deteriorates to the point where socialstability is threatened.

In accordance with S&P's relevant policies and procedures, theRating Committee was composed of analysts that are qualified tovote in the committee, with sufficient experience to convey theappropriate level of knowledge and understanding of themethodology applicable. At the onset of the committee, the chairconfirmed that the information provided to the Rating Committee bythe primary analyst had been distributed in a timely manner andwas sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained therecommendation, the Committee discussed key rating factors andcritical issues in accordance with the relevant criteria.Qualitative and quantitative risk factors were considered anddiscussed, looking at track-record and forecasts. The chairensured every voting member was given the opportunity toarticulate his/her opinion. The chair or designee reviewed thedraft report to ensure consistency with the Committee decision.The views and the decision of the rating committee are summarizedin the above rationale and outlook.

CHINA PRECISION: Incurs $9.6MM Net Loss in Qtr. Ended Sept. 30--------------------------------------------------------------China Precision Steel, Inc., reported a net loss of $9.57 millionon $11.76 million of sales revenues for the three months endedSept. 30, 2013, as compared with a net loss of $4.22 million on$5.95 million of sales revenues for the same period during theprior year.

The Company's balance sheet at Sept. 30, 2013, showed$115.45 million in total assets, $71.97 million in totalliabilities, all current, and $43.47 million in totalstockholders' equity.

"We are pleased to report first quarter fiscal 2014 salesincreased 97.5% from the first quarter fiscal 2013 as sales volumeincreased by 12,696 tons. We expect to continue to experience agradual increase in our sales volume during fiscal 2014 as wereposition our products and rebuild our relationship withcustomers," commented Mr. Hai Sheng Chen, CEO of China PrecisionSteel. "Specifically, we believe the auto components industry,driven by robust demand from OEMs coupled with growth in thereplacement market, offers us opportunity for future growth. Weare working to expand our sales for our high carbon precisionsteel products in this segment by ramping up our sales andmarketing efforts along with making improvements to further refinethe precision and consistency of our products to meet customers'stricter requirements."

Substantial Doubt

"In June and July 2012, the Company defaulted on the repaymentobligations of its short-term and long-term bank loans totaling$44,311,165. The Company is currently in discussions with itsbanks regarding the restructuring of these loans for repayment buthas not yet agreed on specific terms. There can be no assurancethat the Company will be able to successfully work out a repaymentplan or otherwise fulfill its obligations under the loans. Theuncertainty surrounding the successful restructuring of our bankloans and our current lack of readily available liquidity providedby other third party sources raise substantial doubt about ourability to continue as a going concern," the Company said in itsquarterly report.

China Precision Steel Inc. is a niche precision steel processingcompany principally engaged in the production and sale of highprecision cold-rolled steel products and provides value addedservices such as heat treatment and cutting medium and highcarbon hot-rolled steel strips. China Precision Steel's highprecision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-rolled steel products are mainly used in the production ofautomotive components, food packaging materials, saw blades andtextile needles. The Company primarily sells to manufacturers inthe People's Republic of China as well as overseas markets suchas Nigeria, Thailand, Indonesia and the Philippines. ChinaPrecision Steel was incorporated in 2002 and is headquartered inSheung Wan, Hong Kong.

China Precision reported a net loss of $68.93 million on $36.52million of sales revenues for the year ended June 30, 2013, ascompared with a net loss of $16.94 million on $142.97 million ofsales revenues during the prior fiscal year.

Moore Stephens, Certified Public Accountants, in Hong Kong, issueda "going concern" qualification on the consolidated financialstatements for the year ended June 30, 2013. The independentauditors noted that the Company has suffered a very significantloss in the year ended June 30, 2013, and defaulted on interestand principal repayments of bank borrowings that raise substantialdoubt about its ability to continue as a going concern.

Two joinders in the Motion were also filed: (1) Joinder of ForeignRepresentative in (I) Motion to Recognize and Enforce Order ofOntario Court Approving Ernst & Young Settlement and (II)Memorandum of Law in Support of Motion to Recognize and EnforceOrder of Ontario Court Approving Ernst & Young Settlement; and (2)U.S. Class Action Plaintiffs' and Canadian Class ActionPlaintiffs' Joinder to the Motion to Recognize and Enforce Orderof Ontario Court Approving Ernst & Young Settlement.

Through the Motion, E&Y seeks entry of an order giving full forceand effect in the United States to the March 20, 2013 order of theOntario Superior Court of Justice (Commercial List) in theproceeding of Sino-Forest Corporation under Canada's CompaniesCreditors Arrangement Act. The Order approves the settlement ofclass action claims against E&Y and implements a global release infavor of E&Y under Sino-Forest's plan of compromise andreorganization dated December 3, 2012.

Pursuant to the Settlement, E&Y will pay C$117 million to resolveclaims asserted against it in class action litigations filed byplaintiffs in Canada and the United States on behalf of allpersons and entities, wherever they may reside, who acquired anysecurities of Sino-Forest, including securities acquired in theprimary, secondary, and over-the-counter markets. Thoseproceedings were commenced against Sino-Forest and certain of itsformer officers, directors, underwriters, and auditors, includingE&Y, on the basis of alleged misrepresentations in SFC's financialstatements issued before 2011.

E&Y, SFC's external auditor from 2007 to 2012, is a nameddefendant in the Class Actions.

Judge Glenn noted this is the first time the SDNY Court has beenasked to grant comity in a chapter 15 case to a foreign courtorder approving a third-party non-debtor release since the FifthCircuit's decision in In re Vitro S.A.B. de C.V., 701 F.3d 1031(5th Cir. 2012), affirming a bankruptcy court decision decliningto grant comity in a chapter 15 case to a Mexican court order thatincluded third-party releases. In a decision preceding the Vitrodecision, the SDNY Court granted comity to a Canadian court orderthat included third-party releases in In re Metcalfe & MansfieldAlternative Investments, 421 B.R. 685 (Bankr. S.D.N.Y. 2010).According to Judge Glenn, Metcalfe is almost on all fours with theSino-Forest case, and nothing in Vitro would require a differentresult here.

A copy of Judge Glenn's Nov. 25 Memorandum Opinion is available athttp://is.gd/0PTprifrom Leagle.com.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a commercial forest plantation operator in China. Its principalbusinesses include the ownership and management of treeplantations, the sale of standing timber and wood logs, and thecomplementary manufacturing of downstream engineered-woodproducts. Sino-Forest also holds a majority interest inGreenheart Group Limited, a Hong-Kong listed investment holdingcompany with assets in Suriname (South America) and New Zealandand involved in sustainable harvesting, processing and sales ofits logs and lumber to China and other markets around the world.Sino-Forest's common shares have been listed on the Toronto StockExchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initialorder from the Ontario Superior Court of Justice for creditorprotection pursuant to the provisions of the Companies' CreditorsArrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. willserve as the Court-appointed Monitor under the CCAA process andwill assist the Company in implementing its restructuring plan.Gowling Lafleur Henderson LLP is acting as legal counsel to theMonitor.

FTI Consulting commenced a Chapter 15 case for Sino-Forest in NewYork (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effectof Sino-Forest's plan of compromise and reorganization that hasbeen sanctioned by creditors and an Ontario court. The Chapter 15petition claimed assets and debt both exceed $1 billion. JeremyC. Hollembeak, Esq., at Milbank, Tweed, Hadley & McCloy, LLP,serves as counsel in the U.S. case.

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A.K. BUILDERS: CRISIL Ups Rating on INR130MM Loan to 'C'--------------------------------------------------------CRISIL has upgraded its ratings on the bank facilities of A.K.Builders to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'.

The rating upgrade reflects regularisation of AKB's workingcapital limit over the past four months; the firm's limits werepreviously overdrawn. The ratings also reflect instances of delayby AKB in servicing its machinery and equipment loans (Debt notrated by CRISIL); the delays have been caused by the firm's weakliquidity.

AKB also has a below-average financial risk profile, marked by asmall net worth, high gearing and average debt protection metrics.Moreover, the firm has high geographic and revenue concentrationin its revenue profile, and working-capital-intensive operations,leading to limited financial flexibility. However, AKB benefitsfrom the extensive experience of its promoters in the civil-construction industry.

AKB was set up by Mr. Ashok Sharma, as a proprietorship firm in2000. The firm undertakes road construction projects in Punjab andSikkim.

AKB reported, on provisional basis, a book profit of INR9.8million on net sales of INR266.1 million for 2012-13 (refers tofinancial year, April 1 to March 31), vis-…-vis a book profit ofINR9.8 million on net sales of INR160.9 million for 2011-12.

The assigned rating is constrained by the residual projectimplementation & plant stabilisation risks associated as theproject is expected to commission in November 2013. The rating isfurther constrained by highly competitive business environmentgiven the fragmented industry structure owing to low entrybarriers and the vulnerability of the firm's profitability to rawmaterial (cotton) prices, which are subject to seasonality, cropharvest and regulatory risks. ICRA also notes that AKCI is apartnership firm and any substantial withdrawals from capitalaccount would adversely affect the capital structure.The rating, however, favourably considers the favourable locationof the plant giving the firm easy access to raw cotton and thestable demand outlook for cotton and cotton seeds in the domesticmarket.

Incorporated in 2013 as a partnership firm, Aai Krupa CottonIndustries is setting up a plant for manufacturing cotton balesand cotton seeds at its proposed plant located at Tankara, Rajkot,in Gujarat. The project entails installation of twenty ginningmachines and one pressing machine with a total installed capacityto process 10,000 metric tonnes (MT) of raw cotton annually. Thecommercial operations are expected to commence from November 2013.

ANANDA ENTERPRISES: ICRA Assigns 'BB-' Ratings to INR90cr Loans---------------------------------------------------------------ICRA has assigned a long-term rating of '[ICRA]BB-' to theINR90.00 crore fund based facilities of Ananda Enterprises IndiaPrivate Limited. The outlook on the long term rating is Stable.

The [ICRA]BB- rating takes into account the experience of thepromoter group of over 5 decades in aqua culture business and thefavorable location of the company's feed manufacturing facilitiesin proximity to the major aquaculture belt of West Godavari andKrishna districts in Andhra Pradesh. The rating also favorablytakes into account the diversified product portfolio of thecompany with its presence in fish culture ponds, fish feedmanufacturing unit and fish processing unit and its recent ventureinto shrimp feed and fish meal manufacturing. However, AEIPLderives about 70% of its revenues from the sale of fish feed. Therating draws comfort from the healthy growth in the operatingincome of the company with a CAGR of 47% over the last 4 years.The rating is further supported by the regular equity infusion bythe promoters.

The rating is however constrained by the scale of operation,highly fragmented nature of aqua feed industry with low entrybarriers and intense competition from organized and unorganizedplayers together with AEIPL's concentration in Andhra Pradesh. Theratings also factor in the inherent risks in the sea food industryincluding the susceptibility to diseases and climate change risks.AEIPL's margins are exposed to wide fluctuations in the prices ofkey raw material (soya, maize & fishmeal). The rating furtherfactors in the high gearing of AEIPL resulting into moderateinterest and debt coverage indicators.

Ananda Enterprises India Private Limited was incorporated in theyear 2007 in Bhimavaram (West Godavari District, Andhra Pradesh)by Mr. U. Kasi Viswanadha Raju. The company has fish hatcheries,fish culture ponds, 400 tons per day (TPD) fish feed plant andfish filleting and canning unit. The promoter group has been inthe aqua culture business for more than 5 decades.

Recent Results

AEIPL recorded INR108.22 crore of operating income and a profitafter tax of INR2.84 crore in FY13 on a provisional basis asagainst INR76.69 crore of operating income and a profit after taxof INR1.93 crore in FY12.

ASSOCIATED HOTELS: ICRA Suspends 'D' Ratings on INR14.76cr Loans----------------------------------------------------------------ICRA has suspended the long-term rating of '[ICRA]D' assigned tothe INR13.76 crore term loans & INR1.00 crore long-term fund basedworking capital facilities of Associated Hotels Private Limited.ICRA has also suspended the short-term rating of '[ICRA]D'assigned to the INR1.00 crore, short-term non-fund based bankguarantee facilities of AHPL. The suspension follows ICRA'sinability to carry out a rating surveillance in the absence of therequisite information from the company.

According to its suspension policy, ICRA may suspend any ratingoutstanding if in its opinion there is insufficient information toassess such rating during the surveillance exercise.

BANSIDHAR AGARWALLA: ICRA Reaffirms B- Ratings on INR5.78cr Loans-----------------------------------------------------------------ICRA has reaffirmed the long term rating of '[ICRA]B-' to theINR5.61 crore fund based and INR0.17 crore non- fund based bankfacilities of Bansidhar Agarwalla & Company Pvt. Ltd. unit:Chinsurah Cold Storage.

The rating reaffirmation takes into account CCS's small scale ofoperations, recent decline in operating income in FY13 on accountof lower capacity utilization of the storage facility; its adversecapital structure, depressed coverage indicators, high workingcapital intensity of operations, and the regulated nature of theindustry, making it difficult to pass on increase in operatingcosts in a timely manner, leading, in turn, to downward pressureson profitability. ICRA however, notes that the recent increase inrental by the State Government shall provide some cushion to theprofitability of the company. The rating also takes into accountCCS's exposure to agro-climatic risks, with its businessperformance being entirely dependent upon a single agro commodity,i.e. potato. Further, the loans extended to farmers by CCS maylead to delinquency, if potato prices fall to a low level, howeverestablished relationship with farmers mitigates the risk to anextent. The rating derives support from the long track record ofthe promoters in the management of cold storages, and thelocational advantage of CCS by way of presence of its cold storageunits in West Bengal, a state with large potato production.

CCS, a cold storage unit of BASPL was set up in 1963 in Chinsurah,in the Hooghly district of West Bengal. CCS is primarily engagedin the business of storage and preservation of potatoes andoccasionally carries out trading of potatoes as well. Currently,CCS has an annual storage capacity of 20,000 tonne.

Recent Results

In FY13, CCS reported a net profit of INR0.01 crore on the back ofan operating income (OI) of INR2.74 crore, as compared to a netprofit of INR0.01 crore on the back of an OI of INR3.14 crore inFY12.

CRISIL believes that BRM will continue to benefit over the mediumterm from the extensive experience of its partners in the riceindustry. The outlook may be revised to 'Positive' if there is asignificant improvement in the firm's scale of operations andprofitability, leading to larger-than-expected accruals, alongwith capital infusion, resulting in an improvement in its capitalstructure. Conversely, the outlook may be revised to 'Negative' incase of deterioration in BRM's financial risk profile, most likelydue to significant increase in inventory, leading to largeincremental bank borrowings, or debt-funded capital expenditure.

Update

BRM's revenues registered a 35.6 per cent year-on-year growth toaround INR797 million in 2012-13 (refers to financial year, April1 to March 31); the revenue growth was largely supported by ricetrading and job work undertaken for other rice millers. These lowvalue-added activities led to a decline in the firm's operatingmargin to 3.1 per cent in 2012-13, from 5.2 per cent in 2011-12.BRM's low profitability has resulted in a low interest coverageratio of 1.2 times in 2012-13, in keeping with past trends.

BRM's operations were less working-capital-intensive in 2012-13than in previous years, reflected in its gross current assets(GCAs) of 68 days as on March 31, 2013, as against 231 days as onMarch 31, 2012. The lower GCA days were because of lower-than-expected inventory of 17 days as on March 31, 2013, as against 171days as on March 31, 2012, due to the firm's venture into tradingand job work activities. As a result, BRM's average bank limitutilisation was low at around 50 per cent for the 12 monthsthrough September 2013. This led to a moderate gearing of 2.1times as on March 31, 2013, as against 5.9 times as on March 31,2012. However, BRM's net worth is estimated to have remained smallat around INR58.4 million, as on March 31, 2013, thereby limitingits financial flexibility to meet any exigency.

BRM was established in 1969 as a partnership firm by Mr. JagannathBatra and Mr. Mohinder Mohan Batra. The firm is engaged in ricemilling and shelling at its plant in Karnal (Haryana).

BHANU FARMS: CRISIL Raises Ratings on INR212.3MM Loans to 'B-'--------------------------------------------------------------CRISIL has upgraded its ratings on the bank facilities of BhanuFarms Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISILD'.

The rating upgrade reflects BFL's timely servicing of term debtobligations over the past five months, supported by infusion ofunsecured loans by promoters. The company's liquidity howevercontinues to remain weak due to high bank limit utilisation, andexpected losses due to its startup nature of operations.

CRISIL's ratings on the bank facilities of BFL also reflect itsmodest scale of operations in a competitive industry, below-average financial risk profile and working-capital-intensiveoperations. The above-mentioned weaknesses are partially offset bythe extensive industry experience and funding support from BFL'spromoters.

Outlook: Stable

CRISIL believes that BFL's overall liquidity profile will remainweak because of its startup nature of operations. The outlook maybe revised to 'Positive' if the company generates higher-than-expected cash accruals or improves its working capital cyclethereby improving its liquidity. Conversely, the outlook may berevised to 'Negative' if BFL generates lower-than-expected cashaccruals from operations; or faces a stretch in its workingcapital cycle constraining its debt servicing ability.

BFL was incorporated in May 2010, as a closely held public limitedcompany by Mr. Anant Bangur, Dr. R. Shyam Rungta and Mr. GokulChand Biyani. The company has an integrated cold chain facility atGhunsor Village in Jabalpur (Madhya Pradesh), comprising twoIndividual Quick Freezing (IQF) processing plants and one pulpingplant for fruit and vegetables with a combined installed capacityof 5.0 tonnes per hour (tph). BFL commenced operations in February2013. Mr. Anant Bangur manages the company's day-to-dayoperations.

BINANDA KALITA: CRISIL Puts 'BB-' Rating on INR30MM Cash Credit---------------------------------------------------------------CRISIL has revoked the suspension of its ratings on the bankfacilities of Binanda Kalita and has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to these facilities. The ratings hadbeen suspended by CRISIL as per its rating rationale datedJuly 27, 2011, as BK had not provided necessary informationrequired for reviewing the ratings. BK has now shared therequisite information, thereby enabling CRISIL to assign ratingsto the bank facilities.

CRISIL believes that BK will benefit over the medium term from itspromoters' extensive experience in civil construction. The outlookmay be revised to 'Positive' if BK achieves higher-than-expectedrevenue and profitability, while maintaining its capital structureand improving its working capital management. Conversely, theoutlook may be revised to 'Negative' if there are delays in thecompletion of the firm's ongoing projects or in receipt ofpayments from its customers, leading to pressure on its liquidity,or if the firm contracts a larger-than-expected quantum of debt tofund its future projects.

BK was setup in 1988, and specialises in executing engineering,procurement, and construction (EPC) and non-EPC projects forgovernment entities in Northeast India. The firm's operations aremanaged by proprietor Mr. Binanda Kalita.

Line of Credit 85.0 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable')

The rating downgrade is driven by volatility in company'soperational performance and continued working capital intensivenature of operations. BIL's sales at INR2.5 bn in 2012-13 wassubstantially lower than CRISIL's expectations. Moreover, majorityof these revenues were generated in the first half of 2012-13 andsecond half revenues witnessed a steep decline owing to a sluggishmarket environment. Despite the steep reduction in revenues in thesecond half of the year, working capital requirements continued toremain high marked by GCA of over 400 days as on March 31, 2013owing to delay in receipt of payments and large advances tosuppliers. Consequently, fund-based bank limits of INR632.5million remained fully utilised. Though BIL's sales are expectedto touch INR5 billion in 2013-14, CRISIL expects volatility inoperations to continue in medium term. Additionally, operatingprofitability going forward is expected to remain at 2012-13levels of about 2%, much weaker than CRISIL's earlier estimates.CRISIL believes volatility in operations, weak profitability, andworking capital intensive operations will continue to constrainBIL's credit risk profile.

The rating reflects BIL's limited track record of operations,large working capital requirements and below-average financialrisk profile marked by an aggressive total outside liabilities totangible net worth (TOL/TNW) ratio. These weaknesses are partiallyoffset by the promoters' extensive experience and contacts in thetrading business.

Outlook: Stable

CRISIL believes that BIL will continue to benefit from itspromoters' industry experience and contacts; however, itsfinancial risk profile is expected to be constrained because oflarge working capital requirements and weak net cash accruals. Theoutlook may be revised to 'Positive' if the company reportssustainable growth in sales and operating margins supported byimproved working capital cycle which could partially alleviateliquidity pressure. Conversely, the outlook may be revised to'Negative' if BIL records high fluctuations in sales and operatingmargins, or records further deterioration in working capital cycleor undertakes any debt funded capex which could furtherdeteriorate its financial risk profile.

BIL was originally incorporated as Brainer Financial TechnologiesLtd on March 23, 2010, in Mumbai, by Mr. Malay Biswas and Mr.Pankaj Yadav; it was renamed as BIL in March 2012. The companytrades in various products ranging from agro-commodities and milkproducts to metal scrap.

BIL reported a profit after tax (PAT) of INR12 million on anoperating income of INR2.5 billion for 2012-13 against PAT of INR2million on an operating income of INR1.1 bn.

The [ICRA]BB- rating favourably factors in the promoter's trackrecord of more than a decade in the construction sector in theMedak region of Andhra Pradesh,. The rating also takes comfortfrom the moderate order book of the company (2.7 times therevenues in FY 13) which provides revenue visibility over themedium term and relatively low debt levels resulting in healthydebt coverage indicators. However, the rating is constrained bythe company's low scale of operations which are focused onprojects from state government entities within a small geographicarea, risks pertaining to client concentration as the top 3clients constitute 82% of the order and low operating profitmargins on account of low complexity of works executed and highcompetitive intensity in the industry. The rating also factors inthe high working capital intensity of the company which would leadto significant fund requirement to support anticipated growth innear term. ICRA however notes that on account of the recent equityinfusions by the promoter, borrowings towards working capitalrequirements are low.

CDRPL is in the business of building construction and maintenanceof roads for various state government departments, primarily inthe Medak district of Andhra Pradesh. The company was incorporatedin December 2010 and started operations during financial year2011-12. As on September 2013, the company had a total unexecutedorder book of ~Rs. 120 crore.

CDRPL recorded a net profit of INR1.57 crore on a gross turnoverof INR43.87 crore in FY 13 (first full year of operations).

CELESTIAL KNITS: ICRA Assigns 'BB-' Ratings to INR4.5cr Loans-------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA]BB-' to the INR4.50Crore fund based facilities of Celestial Knits & Fabs PrivateLimited. ICRA has also assigned a short term rating of '[ICRA]A4'to the INR5.50 crore fund based and non fund based facilities ofCKFL. The outlook on long term rating is stable.

The assigned ratings take into account CKFL's establishedrelationship with customers, which has resulted in repeat orders;active involvement of the promoters who have two decades ofexperience in the textile industry; and steady growth in sales inthe past despite the weak demand in export markets. The steadygrowth in sales has however been accompanied by decline inprofitability margins, whereby profits have stagnated. Further,while the capital structure has improved due to regular equityinfusion by promoters and stable working capital requirementsbecause of decline in the working capital intensity; the financialrisk profile continues remain weak with interest coverage of 1.4times on account of modest profitability and high interest expensedue to extended credit availed from suppliers. Moreover, themodest scale of operations limit the financial flexibility,benefits arising out of economies of scale and the bargainingpower with customers and suppliers; and is thus expected to keepmargins under pressure. The assigned ratings are also constrainedby risks arising out of seasonality in business on account ofproduct portfolio concentration towards summer garments, which hasresulted in low capacity utilization of the manufacturing unit.The Company is also exposed to risks arising from customerconcentration with ~40% of export sales to a single customer basedout of Russia. The ratings are also constrained by vulnerabilityof the earnings to fluctuation in exchange rates, raw materialprices and intense competition in export markets from otherdomestic and international suppliers.

Going forward, ability of the Company to improve capacityutilization by diversifying its client base across newgeographies; and expand operating profitability in back drop ofcompetitive pressures would remain key rating sensitivitiesbesides the extent of debt funded capex undertaken.

Celestial Knits & Fabs Private Limited was incorporated in 1999,and is engaged in the manufacturing and export of readymadegarments and fabric knitting. While the garment manufacturingdivision primarily caters to export markets, the fabric divisionsells excess production (over and above internal requirements) toother garment exporters. The Company commenced operations in 1999with a fabric manufacturing facility at Noida, Uttar Pradesh;however it subsequently established garment manufacturing facilityin 2005, embroidery unit in 2006 and a printing unit in 2007.Presently, CKFL operates from two manufacturing facilities inNoida with an installed capacity of about 350 stiching machinescapable of producing 9 lakh garment pieces per annum, and 23circular knitting machines capable of producing about 1800 MTfabric per annum.

In FY2013, CKFL reported an Operating Income (OI) of INR37.41Crore and a Profit After Tax (PAT) of INR0.30 Crore against OI ofINR31.51 Crore and PAT of INR0.35 Crore in FY2012.

The ratings assigned to Century Aluminium Manufacturing CompanyLimited are constrained by working capital intensive nature ofoperations resulting in high overall gearing ratio, lowprofitability, under-utilisation of existing capacities,volatility in raw material prices, exposure to foreign exchangefluctuation risk, slowdown in the automobile industry and lowpricing power. The ratings, however, derives strength from thelong track record of CAMCL, experienced promoters, impressiveclient portfolio and improvement in profitability in FY13 (refersto the period April 01 to March 31) & H1FY14. Effective managementof working capital and ability to improve profitability amidstslowdown in the auto industry, intense competition and rising rawmaterial costs are the key rating sensitivities.

Century Aluminium Manufacturing Company Limited, incorporated in1974 as a private limited company and in October, 1985 it wasconverted into a public limited company. CAMCL was promoted by Mr.M. P. Jhunjhunwala, a first generation entrepreneur belonging torenowned business family of Kolkata. Later in 1986, his son Mr.Vikram Jhunjhunwala joined the company as an Executive director.

The company is engaged into manufacturing of high qualityaluminium alloy ingots, zinc alloy ingots, aluminium castings,zinc castings and aluminium alloy de-oxidants with manufacturingfacility located at Khardah in West Bengal and Faridabad and Hodalin Haryana. The aluminium alloy and zinc alloy ingots are mainlyused in making casting products for automotive Original EquipmentManufacturers (OEMs). The products are sold under "CAMCO" and"CNFC" brand names. The present installed capacity is 70,550 MT.In FY13(refers to the period April 1 to March 31), CAMCLearnedPATof INR1.78 crore (net loss of INR1.27 crore in FY12)on a totalincome of INR479.95 crore (Rs.370.15 crore in FY12).As per theworking results for the six months ended Sep.30, 2013, CAMCLearned PAT of INR2.00 crore on total income of INR250.00 crore.

The rating reflects the extensive experience of CS' promoters inthe civil construction industry, and its above-average financialrisk profile, marked by low gearing and healthy debt protectionmetrics. These rating strengths are partially offset by CS'moderate scale of operations in an intensely competitive industry,and its large working capital requirements.

Outlook: Stable

CRISIL believes that CS will continue to benefit over the mediumterm from the extensive industry experience of its promoters inthe civil construction industry, and its moderate order book. Theoutlook may be revised to 'Positive' if CS records more-than-expected revenues and profitability, leading to better-than-expected accruals, or in case of improvement in working capitalmanagement. Conversely, the outlook may be revised to 'Negative'in case of any delays in completion of projects or receipt ofpayments from customers, or if the firm undertakes any large debt-funded capital expenditure (capex) programme, thereby weakeningits financial risk profile.

Set up in 1987, CS is a partnership firm, undertaking civil andinfrastructure construction contracts. Its daily operations aremanaged by its managing partner, Mr. Shirilson Mathew.

CS reported, on a provisional basis, a profit after tax (PAT) ofINR23 million on revenues of INR251 million for 2012-13 (refers tofinancial year, April 1 to March 31), as against a PAT of INR6.8million on net sales of INR178 million for 2011-12.

The rating takes into account the highly competitive nature of thegarments export industry in which CTL operates which has led tomoderate profitability for the firm in the past. The rating alsofactors in the exposure of CTL's margins to any adverse movementsin prices of raw materials and vulnerability to fluctuations inforeign currency as the firm does not hedge its receivables. Therating is also constrained by modest financial profile of the firmas reflected by modest cash accruals (INR0.31 crores in FY13),relatively high gearing level (6.72 times as on 31st March 2013)and moderate debt protection metrics (NCA/TD of 3% and interestcoverage ratio of 1.45 in FY13). Further, CTL is a proprietorshipfirm and any significant withdrawals from the capital accountcould adversely impact its net worth and thereby the capitalstructure. Nevertheless, the rating derives comfort from CTL'sexperienced management with long track record in the business andlow repayment obligations of the firm.

Cross Trade Links was incorporated in 2006 and is engaged inmanufacturing and export of garments. The firm exports men's andladies garments mainly to Dubai and South Africa. The firm ispromoted by Mr. Anil Sharma who was in the business ofmanufacturing roofing screws for export till the year 2005. Thefirm procures fabrics from agents of yarn mills, manufacturesgarments according to customer requirements and then exports thesame. The firm's revenues are order-driven as the firm startsmanufacturing garments after receiving the garment specificationsfrom its customers.

Recent results

In FY13, CTL reported net profit of INR0.27 crores on an operatingincome of INR29.22 crores as compared to net profit of INR0.35crores on operating income of INR36.96 crores in FY12.

The ratings are constrained by delays in debt servicing by theCompany. The passenger vehicle market in India is highlycompetitive and cyclical in nature and the Company has witnessedsteep decline in sales in last two years and market share erosionon account of slowdown in demand and increasing competitivepressure. The Company's small scale of operations limits benefitfrom economies of scale and it's profitability has been stable butthin as margins are mostly controlled by Tata Motors Limited. TheCompany's capital structure is highly geared and weak accrualshave resulted in stretched coverage indicators.

ICRA considers the experience of the promoters and draws comfortfrom the Company being the sole dealer for Tata Motors passengervehicles in the Palakkad district (in Kerala). ICRA also takesnote of the management's plan to infuse additional funds in theCompany by end of current fiscal to reduce debt burden and improveliquidity of the Company and the developments on this front willbe monitored. Early regularization of debt servicing will becritical for the Company to improve its credit profile.

CUVV Automotives Private Limited was established in 2008 andcommenced operations from January 2009 as a dealer for Tata Motorspassenger vehicles for Palakkad district of Kerala. The Companytraces its roots to M/s Vijay Motors, a partnership firm promotedby three of the directors of CUVV. Vijay Motors started in 2000 asa Tata authorised service point, which subsequently upgraded in2004 to a Tata authorised service centre and in 2008, it wasawarded the dealership of passenger vehicles for Palakkaddistrict. The three promoters of the partnership firm - Mr. A PVijayan, Mr. A P Unnikrishnan and Mr. A P Vinod along with Mr. T PChakrapani, a Dubai based businessman and a relative of directorsformed the current company - CAPL.

The Company is at present the sole dealer of Tata Motors passengervehicles in the district and apart from the main outlet also has asales point and a F1 class dealership outlet in the district. Itis currently in the process of setting up two F3 class sales andservice outlets in the district.

Recent Results

As per the provisional and unaudited results for 2012-13, CAPL'soperating income (OI) and profit after tax (PAT) stood at INR27.0crore and INR0.04 crore respectively. The Company had reported OIand PAT of INR42.30 crore and INR0.10 crore in fiscal 2011-12.

The rating reflects DCPL's above-average financial risk profile,marked by its healthy capital structure and debt protectionmetrics. The rating also reflects DCPL's healthy order book, alongwith experience of its promoters in the civil constructionindustry. These rating strengths are partially offset by customerand geographic concentration in DCPL's revenue profile and thesusceptibility of its operating margin to volatility in inputprices.

Outlook: Stable

CRISIL believes that DCPL will maintain its business risk profileover the medium term on account of its healthy order book and theexperience of the promoters in the civil construction industry.The outlook may be revised to 'Positive' in case ofdiversification in DCPL's revenue profile or better workingcapital management, leading to improvement in its credit riskprofile. The outlook may be revised to 'Negative' in case oflengthening of company's working capital cycle, any large debt-funded capex plans or extension of support to group companies,thereby leading to weakening of its liquidity.

Incorporated in 1997, DCPL operates in the civil engineeringsegment and undertakes construction of buildings, mainly forprivate-sector companies. The company is based in Bhubaneswar(Odisha) and its day-to-day operations are managed by Mr. DillipKumar Khatai.

EAST COAST: ICRA Assigns 'B+' Ratings to INR5,595cr Loans---------------------------------------------------------ICRA has assigned long term rating of '[ICRA]B+' the INR1902crores (INR4927 crores enhanced from INR3025 crores) term loansfacilities and INR228 crores (INR668 crores enhanced fromINR440.00 crores) non-fund based facilities of East Coast EnergyPrivate Limited. ICRA has an outstanding long term rating of'[ICRA]B+' on INR3025 crores term loan facilities and INR440.00crores non-fund based facilities of ECEPL.

ICRA's rating factor in the significant cost overruns at 30% ofthe project cost arising out of delay of more than two years inexecution of the project due to suspension of project constructionby MoEF (Ministry of Environmental & Forests), Government of Indiafrom March, 2011 to April, 2012 and due to local disturbances fromOctober, 2012 to March, 2013. The rating is also constrained bythe implementation risks owing to the early stage of theexecution, package mode of implementation and limited track recordof the project sponsors in development of thermal power projectsof this magnitude. Further, financing risks remain as the projectis yet to tie-up debt for cost overruns and a substantial portionof the equity (60%) is pending to be infused. The rating alsofactors in the fuel supply risks owing to shortfall in domesticcoal production for linkage coal, limited track record of importedcoal supplier, exposure to pricing risks after the first 5 yearsfor imported coal and regulatory risks with respect to coal fromIndonesia. Further, off-take risks arise from the fact that PTChas only tied-up 300 MW and is yet to tie-up firm back to backarrangements for the rest of the capacity contracted from ECEPL.Overall cost of generation for ECEPL is expected to be relativelyhigh owing to escalation in project costs (project cost of INR6.46crores per MW), shortfall in domestic coal supply and use ofimported coal.

However, the rating is supported by the availability of the landrequired for the main plant area, receipt of major approvals andre-commencement of project construction from March, 2013 onwardsafter resolution of dispute with MoEF and the locals. The ratingdraws comfort from the arrangements for coal supply with LoA inplace for domestic coal from Mahanadi Coal Fields, agreement withGlobal Fuels Pte Limited for supply of imported coal and from theownership of mining assets in Indonesia by one of the sponsor's(Asian Genco group). Further, comfort is drawn from the LoIreceived from APCPDCL for supply of 300 MW, which is expected tobe converted into formal PPA shortly.

ECEPL is developing a 1320 MW (2 X 660 MW) supercritical thermalpower project at Dandugopalapuram in Srikakulam district of AndhraPradesh. The project sponsors are Asian Genco Pte Limited (18%holding), Cobalt Power Private Limited (33% holding), AthenaEnergy Ventures Private Limited (26% holding), Abir InfrastucturePrivate Limited (13.5% holding), PTC India Financial ServicesLimited (8.10% holding) and AIP Power Private Limited (1.3%holding). ECEPL has received all required permits for theconstruction of the plant, transmission line and water supply.Land required for the main plant area has been acquired, whileland required for water pipeline and railway corridor is pendingto be acquired. The project cost is proposed to be revised fromINR6570 crores to INR8530 crores owing to the delay in execution.

The ratings reflect the Everest group's below-average financialrisk profile, marked by a highly leveraged capital structure, andmodest scale of operations in an intensely competitive seafoodindustry. These rating weaknesses are partially offset by theextensive industry experience of the promoters.

For arriving at the ratings, CRISIL has combined the business andfinancial risk profiles of EPL and Everest Sea Foods Exports PvtLtd. This is because both entities operate in the same line ofbusiness and have significant business linkages.

Outlook: Stable

CRISIL believes that the Everest Group will continue to benefitover the medium term from the promoters' extensive experience inthe seafood industry. The outlook may be revised to 'Positive' ifthe group scales up its operations and improves its profitability,thereby enhancing its financial risk profile. Conversely, theoutlook may be revised to 'Negative' if the group generates lower-than-expected cash accruals or its working capital managementdeteriorates, or it undertakes large debt-funded capitalexpenditure (capex) programmes, consequently weakening itsfinancial risk profile.

The Everest group derives its revenues from the export of seafood.The group consists of EPL and EEPL, both set up in 2013, and basedin Mangalore (Karnataka). The group's daily operations are managedby Mr. Sanjay Jaokar.

The group reported a profit after tax (PAT) of INR4.7 million onnet sales of INR101 million for 2012-13 (refers to financial yearApril 1 to March 31).

The ratings assigned to the bank facilities of Expat EngineeringIndia Limited continue to be constrained by the implementationrisk associated with its ongoing projects, delay in execution ofProjects and high dependence on projects from its group company.The ratings also factor in the risks inherent to the real estatesector and competition from other real estate players. Theratings, however, continue to derive strength from the longstanding experience of the promoters and increase in operatingincome over the last three years.

The ability of the company to execute the projects within theenvisaged time and costs, increase its market presence amidst thecompetition and improve its overall financial risk profile willremain as the key rating sensitivities.

Incorporated in 1999, Expat Properties India Limited, part of theExpat group, was set up to develop a project belonging to theExpat group. Later in the year 2007, this division emerged as anew entity of the Expat group under the name of Expat EngineeringIndia Limited in Bangalore. This restructuring was done in orderto expand the operations for construction of residential buildingsother than the group projects. EEIL, promoted byMr Santosh Balakrishna Shetty and several others, is engaged inexecuting contracts for land & infrastructure development andconstruction of residential & commercial buildings for projectsbelonging to the Expat group as well as others. In 2010, EEILentered into a strategic alliance with a US-based firm, TMAD-Taylor & Gaines, in order to execute the international projects.However, no international project has been executed till now. EEILis currently executing seven projects from the Expat group andthree projects from others, which are expected to be completed bythe end of H1FY16 (refers to the period April 01 to September 30).The projects belonging to the Expat group are allotted to EEIL onpart basis and once a part of work order is finished, the nextwork order is issued.

GASGEN FERRO: ICRA Assigns 'BB' Rating to INR14.55cr Loans----------------------------------------------------------ICRA has assigned a '[ICRA]BB' rating to INR2 crore cash creditlimit of Gasgen Ferro Alloys LLP. The outlook on the long termrating is 'Stable'. ICRA has also assigned a '[ICRA]A4' rating ofthe INR1.37 crore non-fund based limits of GFA. The entity alsohas a long term rating outstanding for its term loan of INR12.55crore (reduced from INR12.95 crores).

The re-affirmation in ratings take into consideration the long andestablished experience of the promoters in the iron & steel, powerand ferro-alloys businesses and the various incentives andsubsidies available under the NEIIPP 2007, which are likely tosupport the profits and cash accruals of the entity going forward.The ratings also factor in the competitive cost structure due tothe assured supply of natural gas for power generation, one of themajor input components in the production of ferro-silicon (FeSi).The gas allocation is in the name of N. E. Thermion Pvt Ltd whichhas the right to divert a part of its gas to any associatecorporation. In ICRA's opinion the ability of the entity tocontinue procuring gas under this arrangement would remain acritical determinant of its cost competitiveness. The ratings alsofactor in the close proximity to other major raw-materials, whichwould lead to low inward freight costs. The ratings also take intoconsideration the lack of track record of the entity in operatingacross business cycles although the acceptance of the product byone steel major, indicates acceptable quality of the product. Themoderately high project gearing is likely to keep debt levels highrelative to its scale of operations although the favourable debtrepayment pattern likely to support liquidity over the short term.The ratings also consider GFA's exposure to the cyclicalityinherent in the steel industry, which is an end user industry forits product.

Incorporated as a limited liability partnership entity, GasgenFerro Alloys LLP is in the process of setting up a ferro-alloyunit for the production of ferro-silicon (FeSi) in the state ofAssam. It is a joint venture entity between the Lohia group andthe NET group. Both the groups have an established presence in theNorth Eastern parts of India. While the Lohia group has presencein the iron, steel and cement businesses, the NET group haspresence in the power generation and tea businesses.

The rating reflects GSW's exposure to risks associated with thefirm's ongoing project in Khed (Pune). This rating weakness ispartially offset by the extensive experience of GSW's partners inthe logistics business and established relations with customers.

Outlook: Stable

CRISIL believes that GSW will continue to benefit over the mediumterm from its partners' extensive experience in the logisticsindustry and established relations with customers. The outlook maybe revised to 'Positive' if the firm is able to successfully scaleup its operations through timely implementation of its ongoingproject and demonstrate a significant and sustainable improvementin margins and accruals. Conversely, the outlook may be revised to'Negative' in case it suffers substantial time and cost overruns,or it faces challenges in attaining the optimal level ofutilisation, thereby straining its debt servicing ability.

GSW, established as a partnership firm in September 2012 by Mrs.Mangala Pathare, Mrs. Rajashree Sutar and Mrs. Ruchita Modak, isconstructing a 63000 square feet (sq. ft.) warehouse in Khed,Pune. The day to day operations of the firm are managed by Mr.Bhausaheb Pathare (Husband of Mrs. Mangala Pathare). The Patharefamily operates eight other warehouses in Khed along the Pune-Nashik highway.

The rating assigned to the bank facilities of Gouri ShankarFashion House Pvt Ltd is constrained by its small scale ofoperations, dependence on a single unit, stiff competition fromthe organised and unorganised sector, dependence on the retailconsumption/spending, low profitability and working capitalintensive nature of the operation leading to a leveraged capitalstructure. The aforesaid constraints are partially offset by thewhich experience of the promoters and diversified productportfolio.

The ability to improve profitability margins in an increasinglycompetitive industry scenario and efficient management of theworking capital with the growing scale of operations would be thekey rating sensitivities.

Gouri Shankar Fashion House Pvt Ltd, incorporated in August 2007,was promoted by Mr Bhagwan Prasad along with his family membersbased out of West Bengal. It started its operations in 2000 as asmall shop which was engaged in selling of garments for kids, menand women under the name 'Gouri Shankar Fashion House' as aproprietorship entity. Currently, GSFH is engaged into lifestyleretailing through a mall in a retail space of 10,000 sq ft atKanchrapara in West Bengal established in 2009 along withwholesaling of garments. The company's product portfolio includesreadymade garments for men, women and children, shoes, imitationjewellery and accessories, cosmetics, toys, etc. However, itderives a major portion of its revenue from the garments sectioncontributing about 50% of its revenue. The promoters of GSFH havealso promoted a company named Skylark Retails Pvt Ltd' which isalso in retailing of the garments business. GSFH is governed by atwo-member Board of Directors representing the promoter's family.The day-to-day affairs of the company are looked after by MrBhagwan Prasad, with adequate support from his wife Ms ShakuntalaDevi.

During FY13 (refers to the period April 1 to March 31), thecompany reported a PBILDT of INR1 crore (Rs.1 crore in FY12) and aPAT of INR0.1 crore (of INR0.1 crore in FY12) on a total incomefrom operations of INR23.1 crore (Rs.22 crore in FY12).

The ratings assigned to the bank facilities of Jothi MalleablesPrivate Limited continue to be constrained by its modest scale ofoperations and weak financial risk profile characterized by thedeclining profitability, high gearing, stressed debt coveragemetrics as well as stressed liquidity position.The ratings arefurther constrained by high customer concentration risk andintense competition from other players in the industry.

The ratings, however, favorably factor in the long experience ofthe promoters, the company's long track record of operations, aswell as its established relationship with reputed customers.Going forward, the ability of the company to enhance its scale ofoperations and improve its financial risk profile will be the keyrating sensitivities.

Jothi Malleables Private Limited was established in Sep 1973 by MrR Palaniappan, Mr P Chella Ramaswamy and Mrs PL Thenammai. Thepromoters have an experience of more than 30 years in a similarline of business. JMPL started its commercial production in 1975for Malleable Cast Iron. JMPL is engaged in the manufacture ofvarious components and parts, which are used in tractors and otherautomobiles, as well as in other industrial equipment. JPML'smanufacturing unit is located at Thuvakudi Industrial Estate,Triuchirapalli, Tamil Nadu. The production capacity stands at9,600 metric tonnes (MT) as at September 30, 2013. JMPL is a ISO9001:2008 and ISO/TS16949 certified company whose product rangeincludes the manufacturing of tractor parts like flange halfs,plain halfs, cage pinions, housings and rings, bearing caps, brakespiders, power transmission parts and manufacturing of other autoparts like fuel injection housings, fuel pump housings, steeringboxes, steering box parts, differential housings, engine mountingbrackets, hubs, drivers and hydraulic components.

Revenue contribution from the tractor products was around 40% ofthe total revenues whereas other auto parts contributed to about60% in FY13 (refers to the period April 1 to March 31).

The company registered a PAT of INR0.56 crore on a total operatingincome of INR42.93 crore in FY13 as compared to PAT of INR0.77crore on a total operating income of INR51.28crore in FY12.

KAILASH RICE: CRISIL Ups Ratings on INR125MM Loans to 'B+'----------------------------------------------------------CRISIL has upgraded its rating on the bank facilities of KailashRice and General Mills Pvt Ltd to 'CRISIL B+/Stable' from 'CRISILB/Stable'.

The rating upgrade reflects CRISIL's belief that KRGM's creditrisk profile will improve over the medium term driven by expectedimprovement in its scale of operations, which will lead to highercash accruals. The higher cash accruals is expected to result inimprovement in KRGM's debt protection metrics, net worth, andliquidity, with cash accruals being adequate to meet its term debtrepayment obligations.

The rating continues to reflect KRGM's weak financial riskprofile, marked by small net worth and weak debt protectionmetrics, its high dependence on the monsoon, and its exposure tochanges in government policies. These rating weaknesses arepartially offset by KRGM's long track record in, and benefitsexpected from the healthy growth prospects for, the basmati riceindustry.

Outlook: Stable

CRISIL believes that KRGM will continue to benefit over the mediumterm from the extensive experience of its promoters in the riceindustry. The outlook may be revised to 'Positive' if there issignificant improvement in the company's scale of operations andprofitability leading to larger-than-expected accruals, along withcapital infusion, resulting in improvement in its capitalstructure. Conversely, the outlook may be revised to 'Negative' incase of deterioration in KRGM's financial risk profile, mostlikely due to significant increase in inventory, leading to largeincremental bank borrowings, or debt-funded capital expenditure.

Incorporated in 2001 by Mr. Vipan Gupta, KRGM is engaged inmilling of basmati (more than 60 per cent) and other varieties ofrice. It operates a rice mill in Kapurtala (Punjab) with millingcapacity of about 6 tonnes per hour (tph). The company has asorting facility with capacity of about 8 tph.

The ratings assigned to the above facilities of Khyati Steels isconstrained by the small scale of operations, volatility in pricesof trading goods, low profitability, working capital intensivenature of the business, increased competition from unorganisedsector players and cyclicality in the steel industry. The ratinghowever, draws strength from experience of the promoter, moderatecapital structure. Ability to increase the scale of operations andprofitability along with effective management of working capitalare the key rating sensitivities.

Khyati Steels, a proprietorship firm set up in 1995, part ofKhyati group, is engaged in trading of in zinc and steel productssuch as sheets, plates, and structures. The Khyati group, promotedby the Agrawal family of Raipur (Chhattisgarh), manufactures andtrades in rolled steel products. It also manufactures galvanizedtowers by railways, electricity boards and windmill manufacturers.The Khyati group comprises of three companies with ongoingoperations: Khyati Ispat P. Ltd., Khyati Steels & Shri AshutoshStructures P. Ltd.

KS reported a PAT of INR1.10 crore on a total operating income ofINR50.61 crore in FY13 (refers to the period April 1 toMarch 31). In Q1FY14, KS reported a PAT of INR0.29 crore on atotal operating income of INR17.04 crore.

The rating downgrade reflects the instances of delay by KWPL inservicing its debt obligations; the delays have been caused by thecompany's weak liquidity. The company has devolved on its letterof credit which is not regularized till date. Also, the companyhas been irregular in paying interest of its working capitalfacilities like cash credit. KWPL has liquidity deterioratedbecause of its large working capital requirements. The companyrequires large working capital mainly because of its rising bookdebts levels on account of the strain on the paper industry ofwhich the company has significant exposure. CRISIL believes thatKWPL's liquidity is expected to remain under pressure on accountof expected stress in the sector and weak economic environment.

KWPL also has a below-average financial risk profile, marked byweak debt protection metrics and highly working capital intensiveoperations. However, the company benefits from its moderateposition in the regional market, supported by its establishedsourcing network.

KWPL trades in waste paper and scrap products. It procures wastepaper in the form of old newspapers, annual reports, notebooks,and textbooks, and plastic, wood, and metal scrap, from retailersand semi-wholesalers, and sells the same to paper-manufacturingand recycling mills.

For 2012-13 (refers to financial year, April 1 to March 31), KWPLis estimated to report a profit after tax (PAT) of INR4.3 millionon an operating income of INR670 million; it had reported a PAT ofINR8.5 million on an operating income of INR598.9 million for2011-12.

KPT SPINNING: CRISIL Assigns 'D' Ratings to INR100MM Loans----------------------------------------------------------CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bankfacilities of KPT Spinning Mills Pvt Ltd. The ratings reflectinstances of delay by KPT in servicing its debt; the delays havebeen caused by the company's stretched liquidity. KPT's liquidityhas been under pressure owing to its large working capitalrequirements, primarily driven by its high peak season inventoryrequirements, and low cash accruals.

KPT's scale of operations is small and its operating margin issusceptible to volatility in raw material prices. The company alsohas a weak financial risk profile, marked by high gearing, smallnet worth, and average debt protection metrics. These ratingweaknesses are partially offset by the extensive experience ofKPT's promoters in the textile industry.

KPT was promoted by Mr. K P Thangamuthu and Mr. T Vetrivel in 2010and began commercial production in 2011-12 (refers to financialyear, April 1 to March 31). The company manufactures cotton yarn(40 counts) and has a manufacturing facility in Erode (TamilNadu), with installed capacity of 8400 spindles and rotors.

LAXMI MOULDS: CRISIL Reaffirms 'D' Ratings on INR190MM Loans------------------------------------------------------------CRISIL's ratings on the bank facilities of Laxmi Moulds IndustriesPvt Ltd continue to reflect instances of delay by LMI in servicingits term debt. LMI is yet to repay its term loan instalment duefor October 2013. The delays are caused by the company's weakliquidity.

LMI also has a weak financial risk profile, especially capitalstructure, and small scale of operations in the intenselycompetitive tyre industry, and large working capital requirements.These rating weaknesses are partially offset by the benefits thatLMI derives from the extensive experience of its promoters in thetyre mould industry.

Update

LMI's business and financial risk profiles for 2012-13 (refers tothe financial year, April 1 to March 31) were broadly in line withCRISIL's expectations. With addition of new customers, LMIregistered year-on-year growth of 48 per cent in revenue, albeiton a low base, to INR117 million for 2012-13. CRISIL expects LMIto report revenue of about INR130 million for 2013-14, led bydiversification in customer base. LMI had operating margin andcash accruals of 20.5 per cent and INR17.7 million, respectivelyfor 2012-13. The accruals are modest and are expected to remainlow over the medium term.

LMI's financial risk profile is weak: the gearing was high at 2.7times, and net worth modest at INR14.9 million as on March 31,2013. The gearing is expected to remain high over the medium termbecause of debt-funded capital expenditure (capex) of INR55million being undertaken to increase mould capacity; the capex isbeing funded by term loan of INR41.1 million and through internalaccruals. LMI's liquidity is stretched on account of cash flowmismatches-advances from customers are intermittent, while termloan repayments are scheduled every month. Furthermore, thecompany does not have access to fund-based working capital limits,and no liquidity cushion. LMI's term loan repayments are INR9.6million in 2013-14 and will increase to INR10.6 million in 2014-15. CRISIL believes that LMI's liquidity will remain stretchedover the medium term.

LMI was set up as a proprietorship concern, Laxmi MouldsIndustries, in 1981 by Mr. Nobukumar Manna; the firm's operationswere transferred to LMI on April 1, 2011. LMI manufactures tyremoulds for tyres used in motorcycles, trucks, tractors, and buses.The company's manufacturing facility is located in Bhayander(Maharashtra). LMI is actively managed by Mr. Nobukumar Manna andhis son, Mr. Shankar Manna.

For 2012-13, LMI reported a profit after tax of INR6.6 million onnet sales of INR107.9 million, against a net loss of INR11 millionon net sales of INR79 million.

The rating upgrade takes into account approval of restructuring ofloans by the lenders resulting in deferment of debt repayment by14 months and thereby providing room for stabilization ofoperations of the company during SY14. There have been instancesof operational glitches during last year hindering plans of makingthe sugar mill operational in SY13. With rectifications in theequipments and successful completion of trial runs, the company isexpected to start operations in the current sugar year. The ratingalso derives comfort from the tie ups with local farmers throughissuance of preference shares thus ensuring uninterrupted supplyof sugarcane; however some pressure on the pricing of sugarcane isexpected in the current year due to higher price demands byfarmers' association. The rating however remains constrainedstretched financial profile of the company due to time and costoverruns in the project and resultant delays in debt servicing inthe past. The industry also remains susceptible to agro-climaticrisks and cyclical trends in sugar industry. Going forward,ability of the company to streamline operations in order to takebenefit of the crushing reason and managing sugarcane prices willremain key rating sensitivities.

Established in 2007, Maharashtra Shetkari Sugar Limited has set upa sugar plant at Saikheda, Dist.Parbhani (Maharashtra).The 3500Tons Crushed per Day sugar unit is fully integrated with 30 KiloLiters per Day distillery unit and 20 Mega Watt multi fuelcogeneration unit.

Recent Results

MSSL has recorded an operating income of INR6.34 crore and an netloss of INR26 crore in FY 13.

The rating downgrade reflects deterioration in MRKR's credit riskprofile because of a substantial decline in profitability, andcontinued investment in unrelated businesses. CRISIL believes thatMRKR's credit risk profile will remain vulnerable to the extentand nature of its unrelated diversifications over the medium term.

MRKR's investments in unrelated businesses have increasedsubstantially to around INR500 million as on September 30, 2013(50 per cent of its estimated net worth as on March 31, 2014),from INR185 million as on March 31, 2013. The company's revenuesdeclined substantially to INR743 million in 2012-13 (refers tofinancial year, April 1 to March 31) from INR2.1 billion in 2011-12, because of a delay in the receipt of clearances for its keyprojects. Subsequently, the company's cash accruals declined toINR70 million in 2012-13, from INR259 million in 2011-12. Thoughthe company's order book is healthy, its top two projects accountfor around 90 per cent of its orders. CRISIL believes that MRKR'srevenue profile will continue to be exposed to risks associatedwith high project concentration in its order book.

The ratings reflect MRKR's above-average financial risk profilemarked by its healthy net worth, low gearing, and robust debtprotection metrics. The ratings also factor in the promoters'extensive experience in the infrastructure sector. These ratingstrengths are partially offset by high project concentration inMRKR's order book, its large working capital requirements, andcontinued investment in unrelated businesses.

Outlook: Negative

CRISIL believes that MRKR's credit risk profile will remainconstrained by high degree of project concentration in its orderbook, and continued investment in unrelated businesses over themedium term. The ratings may be downgraded if there is a declinein MRKR's revenues or profitability from the current levels, orthe company invests further in unrelated businesses. Conversely,the outlook may be revised to 'Stable' if there is a substantialand sustained increase in MRKR's scale of operations andprofitability margins, or an improvement in its working capitalmanagement.

MRKR was originally set up as a partnership firm in Hyderabad(Andhra Pradesh) by Mr. Ramakrishna Reddy and his family in 1980.The firm was reconstituted as a private limited company in 2006.MRKR undertakes all civil engineering projects including canals,reservoirs, bridges, tunnels, and highways for the governments ofAndhra Pradesh and Karnataka. The company has, recently, venturedinto the real estate sector with the launch of its first projectin Bengaluru (Karnataka).

MSPL LIMITED: CRISIL Raises Ratings on INR6.0BB Loans to 'B+'-------------------------------------------------------------CRISIL has upgraded its rating on the long-term bank facilities ofMSPL Ltd (MSPL; part of the MSPL group) to 'CRISIL B+/Stable' from'CRISIL D'.

The rating upgrade reflects the MSPL group's timely servicing ofits debt obligations, supported by an improvement in itsliquidity, with the payout of the last tranche of its derivativelosses in April 2013, and steady cash flows from its wind millbusiness. Moreover, collection of around INR2.2 billion of pendingreceivables from the iron ore mining business in 2012-13 (refersto financial year, April 1 to March 31), supported the MSPLgroup's liquidity. Additionally, with the revocation of the ban oniron ore mining in Karnataka in April 2013, the group presentlymines around 900,000 tonnes per annum from its annual capacity of2.5 million tonnes, thereby adding to its cash flows.Consequently, the MSPL group's fund based bank limit utilisationhas improved, to less than 90 percent, thereby supporting itsliquidity. Nevertheless, the MSPL group has large annual debtobligations in upwards of INR2 billion annually. Timely fundsupport from the promoters, stable cash flows from operations andtimely liquidation of the group's investment portfolio in theevent of any shortfall in operating cash flows will be a criticaldeterminant of the rating direction over the medium term.

The ratings reflect the MSPL group's below-average financial riskprofile, marked by the group's aggressive capital structure, weakdebt protection metrics and stretched liquidity. The rating alsofactors in the susceptibility of the MSPL group's business toregulatory changes; and constrained cash flows from its shippingbusiness, which is yet to breakeven. These rating weaknesses arepartially offset by the benefits that the MSPL group derives froma well-diversified business model, healthy and stable cash flowsfrom its wind power business, along with the promoter's andmanagement's strong background and track record.

For arriving at its ratings, CRISIL has combined the business andfinancial risk profiles of MSPL and its wholly-owned subsidiary,MSPL Maritime Pte Ltd (MSPL Maritime). Both companies are togetherreferred to as the MSPL group.

Outlook: Stable

CRISIL believes that the MSPL group's financial risk profileespecially its liquidity will remain constrained by its large debtobligations over the medium term. The outlook may be revised to'Positive' if the MSPL group's liquidity improves, driven byhigher-than-expected cash flows from operations. Conversely, theoutlook may be revised to 'Negative' if the shipping businesstakes longer-than-expected to break even, or if any adversegovernment ruling impacts the business continuity or a stretch inworking capital restricts its liquidity.

MSPL, the flagship company of the Karnataka-based Baldota group,was founded by the late Mr. A H Baldota in 1962. The company iscurrently managed by Mr. Narendrakumar Baldota and his two sons.The Baldota group began operations with iron ore mining andsubsequently ventured into generation of wind energy andindustrial gases. In 2005-06, MSPL divested its industrial gasbusiness to MSPL Gases Ltd, and acquired an export oriented unit,named MSPL Exports Ltd. MSPL also has a wind power generationcapacity of 127.8 megawatt and a pellet manufacturing plant with acapacity of 1.2 million tonnes per annum (MTPA).

The rating assigned to the bank facilities of Natani Rolling MillsPrivate Limited is primarily constrained on account of itsfinancial risk profile marked by thin profitability, weaksolvency and the stressed liquidity position. The rating isfurther constrained on account of the vulnerability of margins tofluctuation in the prices of raw material and its presence in ahighly fragmented and competitive industry. The rating, however,derives strength from the experienced management.

The ability of the company to increase its scale of operationswith improvement in profitability as well as better management ofthe working capital will be the key rating sensitivity.

NRPL was promoted by Mr BL Natani along with his son Mr RajeshNatani in 1995. NRPL is engaged in the manufacturing of structuralitems like Mild Steels (MS) Angles and bars by processing of M.S.ingots at its plant located at Jaipur, Rajasthan. The plant of thecompany has an installed capacity of 12,000 Metric Tonne Per Annum(MTPA) as on March 31, 2013. NRPL procures its raw material fromthe nearby units located in the local market and supplies itsproduct to the local market of Rajasthan.

As per the provisional result of FY13, NRPL has achieved a TotalOperating Income (TOI) of INR32.81 crore on a 55% utilization ofthe installed capacity.

During FY12, NRPL reported a total income of INR37.87 crore with aPAT of INR0.15 crore. As per the provisional result of FY13, thecompany has achieved a total operating income of INR33.71 crorewith a PAT of INR0.15 crore.

NECCON POWER: CRISIL Cuts Ratings on INR265MM Loans to 'BB+'------------------------------------------------------------CRISIL has downgraded its ratings on the bank facilities of NecconPower and Infra Ltd (Neccon; part of the Neccon group) to 'CRISILBB+/Stable/CRISIL A4+' from 'CRISIL BBB-/Negative/CRISIL A3'.

The rating downgrade reflects the expected pressure on Neccongroup's liquidity because of delays in completion of its ongoinghydel power project. In 2009, the Neccon group undertook a 4.7mega watt (MW) hydro power plant project. The project was expectedto be commissioned by June 2013. However, the project hastemporarily been stalled. Till such time the project iscommissioned and its cash flows are adequate to meet operating andfinancial expenses, CRISIL believes that Neccon group's liquidityprofile will remain constrained. The ratings continue to reflectthe Neccon group's established market position in the aluminiumconductor segment; and moderate financial risk profile, marked bya moderate net worth and low gearing. These rating strengths arepartially offset by the group's susceptibility to volatility ininput prices, large working capital requirements, and exposure toproject-related risks arising from the ongoing hydro-powerproject.

To arrive at its ratings, CRISIL continues to consolidate thefinancial risk profile of Neccon and Brahmaputra Infra Power PvtLtd (BIPPL). This is because BIPPL is a wholly-owned subsidiary ofNeccon; BIPPL's total debt is backed by a corporate guarantee fromNeccon, with high fungibility of funds between the companies,collectively referred to as the Neccon group.

Outlook: Stable

CRISIL believes that the Neccon group will benefit from itsestablished position in the aluminium conductor segment. Theoutlook may be revised to 'Positive' if the company receivesgenerates strong sustainable cash accruals from commissioning ofthe hydro project, thus supporting its liquidity. Conversely, theoutlook may be revised to 'Negative' if the Neccon group incursany additional time or cost overrun at its hydro project; or ifits working capital cycle stretches, thus adversely impacting thegroup's financial risk profile.

CRISIL believes that PTPL will continue to benefit over the mediumterm from its promoters' extensive experience in the textileindustry. CRISIL, however, believes that the company's financialrisk profile will remain constrained by its working-capital-intensive operations and proposed debt-funded capital expenditureprogramme. The outlook may be revised to 'Positive' if significantscale up in operations leads to a considerably stronger financialrisk profile for PTPL. Conversely, the outlook may be revised to'Negative' if decline in operating profitability, or large debt-funded capital expenditure lead to deterioration in its financialrisk profile.

Update

PTPL reported a 33 per cent year-on-year growth in revenue toaround INR490 million in 2012-13 (refers to financial year, April1 to March 31). However, the operating margin declined to 7.8 percent in 2012-13, from 10.6 per cent in 2011-12 resulting in aprofit after tax (PAT) of INR0.6 million. PTPL's low profitabilityhas resulted in an average interest coverage ratio of 2.8 times in2012-13, in line with past trends.

PTPL's operations were less working-capital-intensive in 2012-13than in previous years, with gross current assets (GCAs) reducingto 74 days as on March 31, 2013, from 100 days a year ago.Inventory reduced to 18 days on March 31, 2013 from 53 days as onMarch 31, 2012, because PTPL maintained low inventory due toexpected decline in raw material prices. As a result, PTPL'saverage bank limit utilisation was low at around 64 per cent forthe 9 months through August, 2013. Gearing moderated to 2.1 timeson March 31, 2013 from 2.6 times as on March 31, 2012.

PTPL has added 5760 spindles in 2013-14 to its existing capacityof 13,440 spindles, at a capex of INR67.5 million, funded by termloan of INR50 million and unsecured loan of INR17.5 million. Thisis expected to result in deterioration in gearing and debtprotection metrics over the medium term.

PTPL was set up by Mr. Ambika Prasad Pandey and his family membersin 2005; it commenced operations in September 2009. The companymanufactures cotton yarn and polyester yarn at its facility atFaizabad (Uttar Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31), PTPLreported a profit after tax (PAT) of INR0.6 million on net salesof INR490 million, against a PAT of INR2.4 million on net sales ofINR370 million for 2011-12.

The rating upgrade reflects an improvement in PMPL's liquidityresulting in timely payment of debt obligations. The liquidity hasimproved on the back of marginal increase in cash accruals andenhancement in bank lines by INR17 million. A controlled workingcapital cycle will be critical for maintaining the improvedliquidity over the medium term.

CRISIL's ratings on the bank facilities of PMPL also reflect itssmall scale of operations in a competitive industry, and working-capital-intensive operations. The above-mentioned weaknesses arepartially offset by the extensive industry experience of PMPL'spromoters.

Outlook: Stable

CRISIL believes that PMPL's overall liquidity profile will remainweak on account of its working capital intensive operations. Theoutlook may be revised to 'Positive' if the promoter infusessignificant equity, or the company generates higher-than-expectedcash accruals or improves its working capital cycle leading toimprovement in liquidity. Conversely, the outlook may be revisedto 'Negative' if PMPL faces stretch in receivables, constrainingits debt servicing ability or its inventory piles up due tosluggish demand.

Incorporated in 1998, PMPL exports polypropylene, low-densitypolyethylene, and high-density polyethylene garbage and T-shirtbags to customers based in Germany, the US, West Indies, Italy,and other countries. The company's day-to-day operations aremanaged by its promoter director, Mr. Ashok Kumar Poddar

For 2012-13 (refers to the financial year April to March), on aprovisional basis, PMPL reported a net profit of INR0.8 million onnet sales of INR240 million, against a net profit of INR0.3million on net sales of INR168 million for 2011-12.

The rating assigned to the bank facilities of Protech Feed PrivateLimited is primarily constrained by its short track record, smallscale of operations with low profitability, volatile input pricesand raw material availability risks due to exposure to vagaries ofnature, its presence in a highly competitive and fragmentedindustry with highly price-sensitive consumer segment, workingcapital intensive nature of operations and high overall gearinglevel. The ratings, however, derive strengths from the experienceof the promoters and satisfactory demand outlook of chicks andfeed products.

The ability of the company to derive benefits as envisaged fromthe recently concluded project, increase in its scale ofoperations along with an improvement in the profitability andeffective management of working capital would be the key ratingsensitivities.

PFPL was initially incorporated on July 17, 2007 in the name ofProtech Biosciences Pvt Ltd. Subsequently in June 2010, the nameof the company was changed to the current one. The companywas promoted by two brothers Mr Sanjiw Kumar Singh and Mr RanaRajesh Kumar to set up an integrated chicks farming and feedprocessing unit at industrial area Hajipur, Bihar with processingcapacity of 60,000 MTPA as on March 31, 2013. The unit was set upwith an aggregate project cost of INR17.06 crore being financed atdebt-equity ratio of 1.2:1. PFPL has commenced operation ofchicks farming unit since February 2012 and feed unit sinceJanuary 2013.

During FY13, PFPL achieved a PBILDT of INR0.88 crore (Rs.0.04crore in FY12) and PAT of INR0.04 crore (Rs.0.03 crore in FY12)respectively on a total income of INR5.17 crore (Rs.0.50 crore inFY12).

The rating reflects the financial support from RHPPL's promotersand their extensive experience in the industry. These ratingstrengths are partially offset by risks associated with thecompany's on-going Kartaul Hydroelectric Project and single siterisk and hydrology risk inherent to the functioning of hydro-powerprojects.

Outlook: Stable

CRISIL believes that RHPPL will maintain its business risk profilebacked by the promoter's extensive industry experience. Theoutlook may be revised to 'Positive' if the company completes theproject within scheduled timelines, and generates higher-than-expected cash accruals because of an increase in plant load factor(PLF) or revenue realisation. Conversely, the outlook may berevised to 'Negative' if there is any additional delay in plantcommissioning, or significant delays or defaults by power purchaseentities.

RHPPL was founded in 2006 by Mr. A B Giri. The company has fourdirectors, namely, Mr. A B Giri, Mr. Manjeet Singh Basi, Mr. SSwaminathan and Mr. K S Soharu. RHPPL is setting up a 2.4 megawatt(MW) hydro-power generation project in Nevli Village, Kullu(Himachal Pradesh) on the river Kartaul Nala. The total projectcost is around INR225 million, and the project is likely to becommissioned by May 2014.

CRISIL believes that RUPL will continue to benefit over the mediumterm from the extensive experience of its promoters in the steelindustry. The outlook may be revised to 'Positive' if RUPL scalesup its operations significantly and improves its financial riskprofile due to increase in cash accruals. Conversely, the outlookmay be revised to 'Negative' if RUPL's financial risk profiledeteriorates due to an increase in working capital or lower-than-expected profitability.

Update

RUPL's operating performance in 2012-13 (refers to financial year,April 1 to March 31) has remained stagnant, with revenues of aboutINR715 million and operating margin of 2 per cent. The flatrevenue in 2012-13 is on account of the weak economic scenario in2012-13 affecting overall demand. While volume sales declined by15%, there has been marginal improvement on the realization. Therevenues are, however, expected to remain susceptible to demandand an industry slowdown; consequently, revenue growth is expectedto be moderate over the medium term. Furthermore, RUPL'sprofitability is constrained by increasing competition from otherdealers and is expected to be modest over the medium term.

RUPL's gearing remained moderate at 1 time as on March 31, 2013,backed by significant funding support from the promoter, includingunsecured loans of about INR15 million (treated as neither debtnor equity) and net worth of over INR81 million as on March 31,2013. This also led to RUPL's low reliance on debt for workingcapital requirements, reflected in its bank limit utilisation ofabout 75 per cent on an average during the 12 months ended July30, 2013, and its comfortable current ratio of 1.5 times as onMarch 31, 2012. CRISIL believes that RUPL's financial risk profilewill be supported by moderate gearing over the medium term, butwill be constrained by low cash accruals.

RUPL reported a profit after tax (PAT) of INR3.7 million on netsales of INR761.4 million for 2011-12, as against a PAT of INR2.9million on net sales of INR666.4 million for 2010-11. The companyis estimated to report net sales of about INR715 million for 2012-13.

RUPL is based in Rourkela (Orissa) and trades steel products,mainly hot-rolled coils, cold-rolled coils, and thermo-mechanically treated bars. The company was promoted by Mr. VijayKumar Dua and his family. RUPL is an authorised dealer for SteelAuthority of India Ltd's products.

ROBO EQUIPMENTS: CRISIL Reaffirms 'D' Ratings on INR138MM Loans---------------------------------------------------------------CRISIL's ratings on the bank facilities of Robo Equipments andForgings Pvt Ltd continues to reflect instances of delay by Roboin servicing its term debt; the delays have been caused by thecompany's weak liquidity. Robo has weak liquidity because of itsworking-capital-intensive and start-up nature of operations,resulting in insufficient cash accruals.

Robo is also exposed to risks related to the nascent stage of itsoperations and customer concentration in its revenue profile.Moreover, the company has working-capital-intensive operations.However, Robo benefits from the extensive experience of itspromoters in manufacturing support structure units for powerplants.

Update

REFPL was to begin commercial operations in October 2011. However,the Telangana agitations in Andhra Pradesh led to delays inproject execution. Thereafter, the company rescheduled fullcommencement of operations to March 2012. However, Robo was fullyoperational only by March 2013. The company did not record anyrevenue during 2012-13 (refers to financial year, April 1 to March31). During the current financial year, 2013-14, Robo has recordedrevenues of around INR150 million until October 30, 2013. Thecompany has weak liquidity, marked by its fully utilised workingcapital limits and inadequate cash accruals vis-…-vis fixed debtobligations.

Robo was incorporated in 2010 by Mr. B V S Raju and Mr. MRamakrishna. The company began undertaking job work for Larsen AndToubro Limited (L&T) (rated CRISIL AAA/FAAA/Stable/CRISIL A1+) inOctober 2011. The company, however, commenced full operations inMarch 2013 and currently provides steel support structures toUtkal Alumina International Ltd. Robo is expected to also providesteel support structures to Bharat Heavy Electrical Ltd (BHEL;rated 'CRISIL AAA/Stable/CRISIL A1+').

S.B EQUIPMENTS: ICRA Assigns 'B+' Rating to INR6cr Loans--------------------------------------------------------ICRA has assigned a long-term rating of '[ICRA]B+' to INR6 crorefund based facilities of S.B Equipments. ICRA has also assigned ashort term rating of '[ICRA]A4' to INR2.5 crore non fund basedlimits of SBE.

The assigned ratings factors in small-scale of operations of thefirm which coupled with highly fragmented and competitive natureof industry has resulted in modest profitability and coverageindicators. Further the firm has concentrated customer profilewith Indian Army and Ministry of Defence constituting ~90% of therevenues in FY 2013, thus future revenue growth will be dependentupon ability of the firm to secure new orders. However, theratings favourably factors in long experience of the promoters inthe industry and healthy order book position of the firm whichprovides revenue visibility for the near term.

Going forward, the ability of the firm to scale up its revenueswhile maintaining adequate margins and a prudent capital structurewill remain the key rating sensitivities.

Incorporated in the year 2000, S.B Equipments is a partnershipfirm engaged in the business of manufacturing of various productssuch as Mosquito Repellents, First Aid Kits, Casualty Bags, HaverSack etc. mainly for Army and other departments of Government ofIndia. The firm has two manufacturing facilities located inBahadurgarh, Haryana.

Recent ResultsThe firm reported a net profit after tax of INR0.18 crore on anoperating income of INR9.01 crore in FY2013 as against net profitof INR0.22 crore on an operating income of INR10.37 crore inFY2012.

CRISIL believes that SMRL will continue to benefit over the mediumterm from the extensive experience of its promoters in the riceindustry. The outlook may be revised to 'Positive' if there is asignificant improvement in the firm's scale of operations andprofitability, leading to larger-than-expected accruals, alongwith capital infusion, resulting in an improvement in its capitalstructure. Conversely, the outlook may be revised to 'Negative' incase of deterioration in SMRL's financial risk profile, mostlikely due to significant increase in inventory, leading to largeincremental bank borrowings, or debt-funded capital expenditure.

Update

SMRL's revenue registered a marginal year-on-year decline ofaround 7 per cent to around INR530 million in 2012-13 (refers tofinancial year, April 1 to March 31). Over the past two years, thecompany has been largely relying on purchasing unsorted rice fromother rice mills and exporting it after processing/sorting due towhich its revenue has not witnessed any major growth, which isexpected to remain at similar level over the medium term. Onaccount of its low-value-added nature of operations, SMRL'soperating profitability has remained low, in the range of 3.5 to3.8 per cent. The operating profitability is expected to remainstable over the medium term.

SMRL's operations are moderately working-capital-intensive asreflected in its gross current assets (GCAs) estimated at 123 daysas on March 31, 2013; the GCAs have been at similar levels in thepast. These GCAs consist of inventory of around 90 days. As aresult, the company's average bank limit utilisation was around 98per cent during the 12 months through October 2013.

SMRL's net worth remained small at around INR26.5 million as onMarch 31, 2013, thereby limiting its financial flexibility to meetany exigency. The company has substantial debt contracted forfunding its working capital requirements; this, along with itssmall net worth, is estimated to have resulted in high gearing ofaround 5.27 times as on March 31, 2013, and weak debt protectionmetrics.

Set up in 1982 as a partnership firm by Mr. Sunil Mittal and hisfamily and friends, SMRL was reconstituted as a private limitedcompany in 2010. SMRL processes and sells basmati rice, mainlyparboiled rice. The company also procures unsorted rice from othermills, and sorts the same for sale in the export markets.

SAHARA INDIA: CRISIL Reaffirms D Rating on INR1.4B Loan at 'D'--------------------------------------------------------------CRISIL's rating on the bank facility of Sahara India MedicalInstitute Ltd continues to reflect instances of delay by SIMIL inservicing its debt; the delays have been caused by the company'sweak liquidity. SIMIL's liquidity is weak because of itscontinuing cash losses. The losses are occurring because oflimited increase in the company's scale of operations since itbegan operations in February 2009, and its large overhead andinterest costs.

SIMIL also has a weak financial risk profile, marked by weak debtprotection metrics; large working capital requirements; andlimited track record in the tertiary healthcare segment. However,the company benefits from its established brand, Sahara, and fromits experienced management at its hospital.

Established in 1997, SIMIL is a wholly owned subsidiary of SaharaPrime City Ltd, the real estate arm of the Sahara group. SIMILoperates a multi-speciality tertiary hospital, Sahara Hospital, inLucknow (Uttar Pradesh). The hospital began operations in February2009 with 195 operational beds. Currently, SIMIL has more than 374operational beds. The hospital provides specialised medicalservices in areas such as neurology, orthopaedics, gynaecology,oncology, and cardiology. SIMIL has also set up a nursing trainingcollege in Lucknow with capacity to train 40 nurses per annum.

For 2012-13 (refers to financial year, April 1 to March 31), SIMILreported a net loss of INR96.8 million on net revenue of INR1165.2million, against a net loss of INR152.2 million on net revenue ofINR933.5 million for 2011-12.

SARASWATI EDUCATIONAL: CRISIL Puts BB- Ratings on INR160MM Loans----------------------------------------------------------------CRISIL has revoked the suspension of its rating on the long-termbank facilities of Saraswati Educational Charitable Trust and hasassigned its 'CRISIL BB-/Stable' rating to these facilities. Therating had been suspended by CRISIL as per its rating rationaledated July 25, 2013, as SECT had not provided the necessaryinformation required for a rating review. SECT has now shared therequisite information, enabling CRISIL to assign a rating to thetrust's bank facilities.

The rating reflects SECT's established position in the UttarPradesh education sector, its diverse course offerings, and itsmoderate debt protection metrics. The trust also benefits from thehealthy long-term demand prospects for technical and managementeducation. These rating strengths are partially offset by SECT'sexposure to risks related to the intense competition in theeducation sector, its low net corpus and high gearing, and itsvulnerability to regulatory risks associated with educationalinstitutions. The rating also factors in SECT's exposure toimplementation and funding risks related to its INR1-billionmedical college and hospital project.

Outlook: Stable

CRISIL believes that SECT will continue to benefit over the mediumterm from its established position in the technical and managementeducation sector in Uttar Pradesh. The outlook may be revised to'Positive' if the trust increases its scale of operations andimproves its surplus levels in a sustained manner, and furtherdiversifies its course offerings and revenue sources. Conversely,the outlook may be revised to 'Negative' if SECT faces significantcost and time overruns in its planned medical college and hospitalproject, or if its revenues and surplus levels decline steeply.

Set up in 2006 by Dr. T S Mathur and his sons Dr. Rajat Mathur andMr. Charit Mathur in Lucknow (Uttar Pradesh), SECT runs threeeducational institutes. The first, Saraswati Institute ofTechnology and Management (SITM), set up in 2007, is affiliated tothe Uttar Pradesh Technical University, Lucknow, and is approvedby the All India Council for Technical Education (AICTE). SITMoffers graduation and post-graduation courses in engineering,management, computer application, electronics, electricaltraining, and information technology. The second institute,Saraswati Institute of Business Management and Research (SIBMR),was set up in 2008 and has been approved by AICTE. SIBMR offerspost-graduation courses in business management. The thirdinstitute, Saraswati Aviation Academy, which offers commercialpilot training, was set up in 2009 in Sultanpur (Uttar Pradesh),and has been approved by the Director General of Civil Aviation.

The ratings assigned to Shagun Jewellers Pvt Ltd are constrainedby the relatively small scale of operation, limited geographicalpresence, weak financial profile, working capital intensive natureof operations and vulnerability of margins to volatility in goldprices. The ratings are also constrained due to the competitionfrom players in the organized and unorganized sectors. The aboveconstraints are partially offset by the promoters' experience andthe long track record in the same line of operations of thecompany, consistent sales growth in the past and diversifiedclient base.

Shagun Jewellers Private Limited was incorporated by Mr SubhashAggarwal and Ms Bimla Aggarwal in March 2001 as a private limitedcompany. SJPL is engaged in retail trading (comprising nearly 73%of the total sales in FY13 - refers to the period April 1 toMarch 31) and wholesale trading (comprising nearly 27% of thetotal sales in FY13) of gold, silver, diamond and kundanjewellery. It has three showrooms in Delhi which are located inNazafgarh Road, Paschim Vihar and Uttam Nagar.

In FY13, the company has achieved a total operating income ofINR129.57 crore and PAT of INR0.97 crore against a total operatingincome of INR126.52 crore and PAT of INR0.95 crore in FY12.

The rating assigned by CARE is based on the capital deployed bythe partners and financial strength of the firm at present. Therating may undergo change in case of withdrawal of capital bythe partners in addition to the financial performance and otherrelevant factors.

The rating assigned to the bank facilities of M/s Shreeji Agencies(SA)'s continues to be constrained by its average financial riskprofile marked by volatile and thin profitability margins owing toinherent nature of the trading business, relatively small scale ofoperations, closely-held partnership nature of the firm, moderateentry barriers and supplier concentration risk due to itsdependence on Hindustan Unilever Ltd's (HUL) products.

However, the rating is strengthened by the long track record andrich experience of the partners in the trading in FMCG businesscoupled with steady growth in revenues in FY13 (refers to theperiod April 1 to March 31). Moreover, the rating is supported byits well-established market position as a distributor of the HUL'sproducts, backed by a vast distribution network catering to a widedistribution area and a diversified product portfolio.

The ability of the firm to increase its scale of operations,improve its profitability margins and sustain comfortable capitalstructure and liquidity position are the key rating sensitivities.

M/s Shreeji Agencies is a closely held partnership firm promotedby Mr Gautam Gohil, along with his brother Mr Gaurav Gohil, andhis mother Ms Shaila Gohil. The firm is presently involvedin the distribution of FMCG under the Modern Trade (Supermarkets/Organized Retail) category with HUL in FMCG category since 2002.The territories in which SA operates is Western suburbs ofMumbai beginning from Jogeshwari till the Municipal limits ofMumbai, Surat and Goa. The territories are designated by HUL(principal) to the distributors to ensure there is no overlappingof the same by another distributor. The firm's product profilecomprises of most of the major brands in the FMCG categoryproduced by HUL. The firm has warehouses in Kandivali (Mumbai),Surat and Goa as well as its own fleet of 11 vehicles to cater tothe distribution requirements.

During FY13, the total operating income of SA stood at INR149.72crore, while it reported Profit After Tax (PAT) of INR0.27 crore,against a PAT of INR0.05 crore on the total operating income ofINR116.73 crore for FY12.

The ratings assigned to the bank facilities of Sitaram NandramAgro Private Limited are constrained by the relatively modestscale of operations, low profitability margins and capitalization,working capital intensive nature of operations resulting in aleveraged capital structure and weak debt coverage indicators. Theratings are further constrained by susceptibility of profitabilitymargins to the volatile prices of traded material and operationsin the highly fragmented and competitive agro industry.

The aforesaid constraints are partially offset by the strengthderived from the experienced promoters, established clientele andproximity to cultivation area.

The ability of SNAPL to improve the scale of operations andimprove the profitability margins amidst the intense competitioncoupled with efficient management of working capital cycle are thekey rating sensitivities.

Incorporated in 2010 by the Agarwal family, Sitaram Nandram AgroPrivate Limited is engaged in the trading of castor seeds, guarseeds, Mug and rajgira. Prior to incorporating SNAPL, the membersof the Agarwal family were involved in the similar line ofbusiness for more than five decades through different entities;these businesses were transferred to SNAPL upon its incorporation.SNAPL procures seeds directly from the local farmers and sells tooil mills in Gujarat.

During FY13 (refers to the period April 1 to March 31), SNAPLreported a total operating income of INR87.47 crore (down by 23%vis-a-vis FY12) and PAT of INR0.09 crore (up by 73% vis-…-visFY12).

SN JYOTI: ICRA Assigns 'BB-' Ratings to INR13cr Loans-----------------------------------------------------ICRA has assigned a long term rating of '[ICRA]BB-' to the INR5crore term loans and INR8 crore cash credit facility of SN JyotiAssociates Private Limited. The outlook on the long term rating isstable. ICRA has also assigned a short term rating of '[ICRA]A4'to the INR8.00 crore bank guarantee facility of SNJAPL.

The ratings take into consideration the experience of thepromoters in the construction industry, SNJAPL's establishedrelationship with its key private sector clients, which ensuresreceipt of repeat orders on a regular basis and a healthy orderbook position which provides revenue visibility for the company inthe near to medium term. The ratings also take into account thefavourable financial position of the company as reflected byhealthy profitability and comfortable coverage indicators. Theratings are, however, constrained by the significant geographicalconcentration of SNJAPL's operations in the state of Orissa andthe high sectoral concentration risk faced by the company onaccount of specializing in earthwork related constructioncontracts. ICRA also takes into account the adverse capitalstructure of the company as reflected by a gearing of 2.06 time ason March 31, 2013, although there has been improvement in the lasttwo years due to healthy accretion to reserves and regular debtrepayments, significant blockage of funds because of retentionmoney and the highly competitive business environmentcharacterized by presence of a large number of players in theindustry.

Incorporated in 2003 as a partnership concern, SNJAPL is engagedin the business of civil construction specializing in earth workrelated activities like area grading, excavation and sitedevelopment, among others. Subsequently, it was converted into aprivate limited company in April, 2012. SNJAPL undertakes projectsprimarily for private sector clients in the state of Orissa.Recent ResultsThe company reported an operating income (OI) of INR58.89 croreand a PAT of INR1.79 crore during FY13 as compared to an OI ofINR48.77 crore and a PAT of INR1.71 crore during FY12.

The ratings assigned to the bank facilities of Solace HealthcarePrivate Limited are primarily constrained on account of itspresence in a capital intensive and highly regulatedhealthcare industry, risk of unavailability or inability toattract quality doctors and medical professionals and high projectrisk in light of delay in execution of the project, yet to achievefinancial closure and establishing its brand name. The ratingsconstraints far outweigh the benefits derived from the experiencedand resourceful promoters.

The ability of SHPL to complete the project within time and costparameters, attract medical professionals, establishing its brandname and achieving envisaged sales are the key ratingsensitivities.

SHPL is promoted by Dr Yatish Shah with a team of four other NRIpromoters. Dr Yatish Shah, 47 years, has studied MBBS from MSUniversity of Baroda. He has worked as medical officer inNarhari hospital for seven years and is practicing in his ownclinic since the last 11 years. He is also a director in one multispecialty hospital named "Spandan" in Vadodara with a bed capacityof 50 which was established in the year 2007. For the proposedhospital project he is looking after the whole management of theproject. The four NRI promoters are non-executive directors andare associated primarily for providing financial support for theproject.

SUPREME PAPER: ICRA Upgrades Rating on INR5cr Loan to 'BB-'-----------------------------------------------------------ICRA has upgraded the long term rating assigned to the INR5.00crore fund based bank facilities of Supreme Paper Mills Limitedfrom '[ICRA]B+' to '[ICRA]BB-'. The outlook on the long termrating has been assigned as Stable. ICRA has reaffirmed the shortterm rating of '[ICRA]A4' to the INR4.00 crore non fund based bankfacilities of SPML. ICRA has also upgraded / reaffirmed the[ICRA]BB-/[ICRA]A4 ratings to the INR4.00 crore proposed bankfacilities of SPML.

The ratings upgrade take into account the established track recordof SPML in the Printing and Writing Paper (PWP) manufacturingbusiness with an experience of more than three decades and anestablished customer base with presence across the institutional,dealer and converted paper segments. The ratings also take intoaccount the significant improvement in profitability and coverageindicators in 2011-12 and 2012-13, the moderate working capitalrequirement of the business coupled with the modest capitalstructure of the company at present due to the absence of anysignificant debt funded capital expenditure by the company in thelast few years have had a positive impact on the ratings. Theratings are, however, constrained by the modest size of operationsof the company at present with a low turnover, the fragmentednature of the paper industry due to which the margins remain underpressure, coupled with SPML's exposure to geographicalconcentration risk since almost the entire sales of the companyare made in the state of West Bengal. ICRA notes that SPML haslarge expansion plans in the medium term which could lead to asignificant increase in the debt burden, the sensitivity of theprofitability of the company to any adverse movement in the pricesof raw material and power and fuel costs also have an impact onthe ratings.

Incorporated in 1974, SPML is engaged primarily in the Printingand Writing Paper (PWP) manufacturing business. SPML primarilymanufactures three types of PWP which are creamwove, maplitho andazurelaid paper, the company also manufactures converted paper,converted paper constitutes of around 30% of the company's overallsales in 2012-13. The manufacturing facility of SPML is located atChakdah, West Bengal and the company has an installed capacity ofaround 15,000 MT of paper per annum

Recent Results

SPML reported a net profit of INR1.14 crore in 2012-13 on the backof an operating income of INR45.61 crore as against a net profitof INR0.80 crore on an operating income of INR36.94 crore during2011-12.

CRISIL believes that SIPL will benefit over the medium term fromits promoters' extensive experience in civil construction. Theoutlook may be revised to 'Positive' if SIPL achieves higher-than-expected revenue and profitability, while maintaining its capitalstructure and improving its working capital management.Conversely, the outlook may be revised to 'Negative' if there aredelays in the completion of the company's ongoing projects or inreceipt of payments from its customers, leading to pressure on itsliquidity, or if the company contracts a larger-than-expectedquantum of debt to fund its future projects.

SIPL was incorporated in April 1998, and specialises in executingengineering, procurement, and construction (EPC) and non-EPCprojects for government entities in Northeast India. The companyis promoted by Mr. Bhagya Kalita and his family members

ICRA's rating is constrained by the intensely competitive and lowvalue additive nature of the glass processing industry withnumerous players both in the organised and unorganised sector.This coupled with TGTL's modest scale of operations has resultedin modest profitability indicators and given the industry dynamicsICRA does not expect any significant improvement in margins in thenear term. Further, the company's liquidity is stretched asreflected by low unutilized bank limits in the past. ICRA hashowever derived comfort from TGTL's experienced management, andits established relations with key customers which has enabled itto secure repeat orders from them in the past resulting in asteady growth in topline over the years. The company's ability toimprove its scale of operations and profitability whilemaintaining its working capital intensity would be the key ratingsensitivities going forward.

Tam Glass Tech and Glaziers Limited was established in the year1996 and is engaged in manufacturing of glass products. Thecompany is currently managed by Mr Arun Kumar Garg who has longexperience in the industry. TGTL processes glass by lamination,bending, fusion, toughening, designing, and insulation.

The company reported a net profit of INR0.85 crores on anoperating income of INR41.54 crores in FY13 as against net profitof INR0.30 crores on an operating income of INR29.37 crores inFY12.

V.K.A. POLYMERS: CRISIL Ups Ratings on INR122.2MM Loans to 'BB-'----------------------------------------------------------------CRISIL has upgraded its ratings on the bank facilities of V.K.A.Polymers Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISILB+/Stable/CRISIL A4'.

Long Term Loan 22.2 CRISIL BB-/Stable (Upgraded from 'CRISIL B+/Stable')

Packing Credit 186.0 CRISIL A4+ (Upgraded from 'CRISIL A4')

The rating upgrade reflects CRISIL's belief that VKA will sustainits improved business risk profile over the medium term, driven bya strong order book position supported by its moderate operatingmargins. In 2012-13 (refers financial year, April 1 to March 31),the company reported revenue of INR483 million as against revenueof INR20 million in 2012-13 and revenue in the range of INR200million to INR250 million historically. The improved business riskprofile was on account of VKA being awarded with a World HealthOrganization (WHO) approval in 2011-12 for the manufacturing ofthe long-lasting insecticidal mosquito netting (LLIN), leading toincreased offtake and a healthy order book. With a current orderbook of around INR700 million to be executed over the medium term,CRISIL believes that VKA will sustain the momentum in its revenuegrowth over the medium term.

The rating upgrade also factors in CRISIL's belief that SSCIPLwill maintain its moderate financial risk profile, driven by acomfortable capital structure and healthy debt protection metrics.The company's gearing was moderate at 1.63 times with its workingcapital facilities constituting majority of its debt. VKA's debtprotection metrics were healthy with net cash accruals to totaldebt (NCATD) and interest coverage ratios at 0.44 times and 6.02times, respectively, in 2012-13. On the back of a healthy orderbook and consequent healthy accretion to reserves, the metrics arefurther expected to improve over the medium term.

The ratings reflect the extensive experience of VKA's promoters inmanufacturing high-density polyethylene (HDPE) monofilamentmosquito bed nets and the benefits that the company derives fromthe WHO certification of its product in addition to a moderatefinancial risk profile, albeit constrained by small net worth.These rating strengths are partially offset by the tender basednature of VKA's business and the susceptibility of the company'smargins to volatility in foreign exchange rates.

Outlook: Stable

CRISIL believes that VKA will benefit over the medium term fromthe WHO certification of its key product offering and theextensive industry experience of its promoters. The outlook may berevised to 'Positive' if the company records greater-than-expectedrevenue leading to healthier accretion to reserves whilemaintaining its profitability and capital structure.

Conversely, the outlook may be revised to 'Negative' if thecompany generates lower-than-expected accruals or if itsreceivables collection deteriorates or if VKA undertakessignificant debt-funded capital expenditure programme, resultingin weakening in its financial risk profile and liquidity.

Based in Karur (Tamil Nadu), VKA manufactures LLIN and sells thesame under its trademark, MAGNet. The product is incorporated withthe WHO-approved insecticide to provide long-lasting protectionagainst malaria and other diseases spread by insect vectors. VKAis the only WHO certified LLIN manufacturer in India in additionto having acquired ISO 9001:2008 and OHSAS 18001:2007certifications.

For 2012-13, VKA reported profit after tax (PAT) of INR34.9million on net sales of INR483 million, as against PAT of INR6.7million on net sales of INR20.8 million for 2011-12.

VAJRAM SPINNING: CRISIL Reaffirms 'D' Ratings on INR69MM Loans--------------------------------------------------------------CRISIL's ratings on the bank facilities of Vajram Spinning MillsPvt Ltd continue to reflect instances of delay by VSMPL inservicing its debt for October 2013, due to weak liquidity.

VSMPL also has modest scale of operations, and a weak financialrisk profile, marked by high gearing, small net worth, and below-average debt protection metrics. These rating weaknesses arepartially offset by the extensive experience of VSMPL's promotersin the cotton industry.

Update

VSMPL reported net sales of INR153 million in 2012-13 (refers tofinancial year, April 1 to March 31), a growth of around 47 percent over the previous year (Rs.104 million in 2011-12). Thecompany's arrangement for power through alternate sources hasenabled an increase in capacity utilisation thereby supportingsignificant revenue growth. For the seven months ended October 31,2013, VSMPL reported sales of around INR98 million. VSMPL'soperating margin declined marginally to 11.9 per cent in 2012-13(13.2 per cent in 2011-12) due to fluctuations in the cost of rawmaterials. VSMPL's financial risk profile remains constrained byhigh gearing of 12.32 times, small net worth of INR7 million andbelow-average debt protection metrics with net cash accruals tototal debt and interest coverage ratios of 0.08 times and 1.78times, respectively, for 2012-13. The company's operations remainworking-capital-intensive, marked by gross current assets (GCAs)at 158 days in 2012-13. Consequently, the company's bank limitutilisation was 100 per cent of its working capital limits,thereby, constraining the liquidity.

VSMPL reported a profit after tax (PAT) of INR2 million on anoperating income of INR153 million for 2012-13, vis-…-vis areported loss of INR1 million on operating income of INR104million for 2011-12.

VSMPL was set up in 2008. The company manufactures cotton yarn. Ithas spinning mills in Rajapalayam (Tamil Nadu). VSMPL has aninstalled capacity of 9160 spindles and is owned by Mr. N Selvarajand his family members.

VIRTUAAL RETAIL: CRISIL Reaffirms 'B-' Ratings on INR194MM Loans----------------------------------------------------------------CRISIL's ratings to the bank facilities of Virtuaal Retail Pvt Ltdcontinues to reflect VRPL's weak financial risk profile, marked bya small net worth, high gearing, and weak liquidity and debtprotection metrics, and large working capital requirements. Theratings also reflect the vulnerability of the company's operatingmargin to volatility in product prices, and small scale ofoperations, with geographical concentration in its revenueprofile. These rating weaknesses are partially offset by VRPL'shealthy revenue growth, diversified product portfolio, andpromoter's extensive experience in the retail business.

CRISIL believes that VRPL will continue to benefit over the mediumterm from its promoter's extensive experience in the retailindustry. The outlook may be revised to 'Positive' if the cashaccruals are higher-than-expected or in case of large equityinfusion, leading to improvement in its financial risk profile,particularly its liquidity. Conversely, the outlook may be revisedto 'Negative' if the company faces further pressure on financialrisk profile, particularly its liquidity, on account of larger-than-expected working capital requirements or a large, debt-fundedcapital expenditure.

Update

VRPL's operating income have increased by 10 per cent to INR950million in 2012-13 (refers to financial year, April 1 to March 31)from INR861 million in the previous year. The increase was mainlydue to improvement in sales volumes of brands like Tanishq,Benetton and Puma through 2012-13. The company's operatingprofitability has also improved to about 9.3 per cent as comparedto 6.8 per cent in the previous year owing to moderation ofoperating costs. Over the medium term, the profitability isexpected to remain under similar levels.

VRPL's working capital requirements have remained high driven byits large inventory cycle. The company's inventory requirementshave been about 120 days of sales as on Mar 31, 2013 and this hasled to gross current asset of over 135 days as on Mar 31, 2013.The company's financial risk profile has remained weak, with highgearing, a small net worth and weak debt-protection metrics. Ithad a gearing of 5.6 times as on March 31, 2013, driven by itslarge working capital requirements as against its small net worthbase. Its net worth stood at INR64 million as on March 31, 2013;though the net worth has improved as compare to previous year onaccount of equity infusion from the promoters, the net worthcontinues to remained small because of low accretions to reserves.The small net worth restricts the financial flexibility availableto the company in case of any adverse conditions or downturn inthe business. VRPL's debt-protection metrics remained averagebecause of its low accretions to reserves. Its interest coverageand net cash accruals to total debt ratios were 2.1 times and 0.11times, respectively, for 2012-13.

VRPL, on a provisional basis, reported a profit after tax (PAT) ofINR19 million on operating income of INR950 million for 2012-13;the company had reported a PAT of INR2 million on net sales ofINR861 million for 2011-12.

Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to takeover the existing business of Virtuaal Jewels and VirtuaalApparels. Virtuaal Jewels operated retail showrooms of Tanishqjewellery, Titan watches, and Titan Eye Plus, while VirtuaalApparels was a retailer of brands, such as Reebok, Adidas, Puma,Lee, Benetton, GAS, Wrangler, and cellphones from Nokia. FromFebruary 2011, both proprietorships were merged to have the entirebusiness under one umbrella. VRPL presently has 26 showroom acrossNorthern India as against 45 showrooms earlier in 2011-12; with,geographically, Dehradun (Uttarakhand) contributing about 70 percent to its total revenues.

CRISIL believes that VVVCPL will continue to benefit over themedium term from the industry experience of its promoters and itsmoderate order book. The outlook may be revised to 'Positive' ifVVVCPL scales up its operations significantly while maintainingits profitability, resulting in improvement in its financial riskprofile. Conversely, the outlook may be revised to 'Negative' incase of a significant decline in the company's revenues andprofitability, or deterioration in its working capital management,resulting in stretched liquidity, or if it undertakes a largedebt-funded capital expenditure programme, leading to weakening ofits financial risk profile.

Update

VVVCPL reported a low growth in its revenues for 2012-13 (refersto financial year, April 1 to March 31), broadly in line withCRISIL's expectation. This was because of its presence in thehighly competitive construction segment coupled with slowdown inexecution of orders from the Government of Tamil Nadu. CRISILexpects the company's revenue growth to remain subdued over themedium term.

VVVCPL's operating profitability in 2012-13 was 8.9 per cent,broadly in line with CRISIL's expectation. The operatingprofitability is backed by a price escalation clause in itscontracts to pass on any sharp increase in raw material prices toits principal contractors, though it is constrained by the tender-based nature of its business. CRISIL believes that VVVCPL'soperating margin will remain at a similar level over the mediumterm.

VVVCPL's financial risk profile remains moderate, marked bycomfortable capital structure and debt protection metrics.However, the company's liquidity is weak, marked by fully utilisedbank lines on account of its working-capital-intensive operations,and low cash accruals due to its small scale of operations;however, its liquidity is supported by need-based fund supportfrom the promoters.

For 2012-13, VVVCPL reported a profit after tax (PAT) of INR8.8million on net sales of INR239 million, against a PAT of INR9.0million on net sales of INR237 million for 2011-12.

VVVCPL was set up in 1987 as a partnership; the firm wasreconstituted as a private limited company in 2005. VVVCPL isengaged in execution of civil contracts for Tamil Nadu watersupply and drainage board and metro water. Its day-to-dayoperations are managed by Mr. Venkata Vijayan.

The rating downgrade reflects pressure on WSPL's business riskprofile, resulting from weak ramp up in revenue, which has, inturn, been on account of slowdown in offtake by customers, andintensifying competition. Further, delay in revenue inflow fromthe hardware and tablets business will also adversely impactWSPL's operational performance, and consequently, its cashaccruals over the medium term.

The ratings continue to reflect WSPL's moderate financial riskprofile, marked by the absence of outstanding external debt. Theserating strengths are partially offset by WSPL's small scale of,and working capital intensity in, its operations in the intenselycompetitive software industry.

Outlook: Stable

CRISIL believes that WSPL will continue to benefit over the mediumterm from its moderate financial risk profile. The outlook may berevised to 'Positive' if increase in revenue and profitabilityresults in higher-than-expected cash accruals for WSPL, while itmaintains a healthy capital structure. Conversely, the outlook maybe revised to 'Negative' if lower-than-expected cash accruals orweakening in capital structure adversely impact WSPL's financialrisk profile.

Set up in 2004, WSPL develops, implements, maintains, and supportssoftware products and services in sectors such as education,healthcare, telecommunications, and media.

The rating downgrade reflects the expected deterioration inYPTPL's financial risk profile, especially liquidity, due to therecent debt-funded capex undertaken by the company. YPLPL hasincurred a capex of INR 99 million during 2012-13 for the purchaseof new office premises at Thane (Maharashtra). The capex wasfunded by a term loan of INR 68.5 million, INR 20 million fromdeposits from the company's carrying and forwarding agents andpromoters contribution of INR 11 million. On account of the debtfunded capex, the company's gearing has deteriorated (2.26 timesas on March 31, 2013 from 1.16 times as on March 31, 2012) and isexpected to remain high over the medium term. The liquidity of thecompany is stretched marked by the low cushion available in itsexisting bank lines and tightly matched cash accruals vis-a-visterm debt commitments. YPTPL is expected to generate cash accrualsof around INR 16 million and INR 19 million in 2013-14 and 2014-15respectively against term debt obligations of around INR19 millionduring the same period. CRISIL believes that the company's debtservicing ability will depend on timely funding support from thepromoters over the medium term.

The rating continues to reflect YPLPL's modest scale ofoperations, exposure to intense competition in the pharmaceuticalindustry and working capital intensive nature of activity. Theserating weaknesses are partially offset by the extensive experienceof YPLPL's promoters in the pharmaceutical industry.

Outlook: Stable

CRISIL believes that YPLPL will continue to benefit over themedium term from its promoter's extensive experience in thepharmaceutical industry. The outlook may be revised to 'Positive'in case of substantial and sustained improvement in its scale ofoperations and margins, while improving its capital structure anddebt protection metrics. Conversely, the outlook may be revised to'Negative' in case of a decline in the company's revenues oroperating margins or an elongation of its working capital cycle orif it undertakes any debt funded capex plans, resulting inweakening in its financial risk profile.

YPLPL established in 1972 by the Mumbai (Maharashtra) based Shahfamily is engaged in the manufacture of pharmaceuticalformulations in the form of tablets, capsules, ointments, anddrops catering to various segments like Dermatology, Gynaecology,Paediatric, and Ophthalmology. YPLPL sells formulations under itsbrand such as Sunkroma, Iross, and Lemolinctus among others. Thecompany's manufacturing facilities are located in Roorkee(Uttarakhand). YPLPL caters to the domestic market and itsproducts are sold through 18 distributors located all over India.

Mr. Yashodhan Shah is the Chairman and Managing Director and Mrs.Nayna Shah (wife of Mr. Yashodhan Shah), their son Mr. Atri Shahand Mrs. Falguni Shah (wife of Mr. Atri Shah) are the directors ofthe company and oversee the day to day operations of the company.

YPLPL reported on provisional basis, a profit after tax (PAT) ofINR 7.4 million on net sales of INR409.1 million for 2012-13(refers to financial year, April 1 to March 31), against a PAT ofINR0.04 million on net sales of INR383.8 million for 2011-12.

YSR SPINNING: ICRA Suspends 'BB' Rating on INR17.38cr Loans-----------------------------------------------------------ICRA has suspended '[ICRA]BB' rating assigned to the INR17.38crore long term bank facilities and '[ICRA]A4' to the INR2.15crore of YSR Spinning and Weaving Mills (P) Limited. Thesuspension follows ICRA's inability to carry out a ratingsurveillance in the absence of the requisite information from thecompany.

According to its suspension policy, ICRA may suspend any ratingoutstanding if in its opinion there is insufficient information toassess such rating during the surveillance exercise.

Moody's review of the ratings for downgrade is prompted by theconsideration of potential volatility in the property's value atrefinancing on or before the loan maturity date.

The loan is backed by an office building located in Tokyo. Theloan-to-value ratio of senior loan is close to 80%.

Currently, the building is occupied by a single tenant. The leaseagreement with this tenant will expire before the legal maturitydate.

In determining the property's value, Moody's expects volatility incash flow as the rent paid by the tenant is higher than the upperrange of the market rent.

During the review period, Moody's will assess its assumptions onstabilized cash flows and the property's value in light of therental conditions in the sub-markets around the property.

Primary sources of assumption uncertainty are the conditions ofthe current macroeconomic environment for the commercial realestate market, especially occupancy rates, rents and the lendingpolicies of banks.

Moody's analysis assumes that the loan will miss its scheduledmaturity date in May 2016, and Moody's stresses the cash flow toderive the property's value. Consequently, Moody's analysisencompasses the assessment of stress scenarios.

L-JAC 6: Moody's Puts Cert. Ratings on Review for Downgrade------------------------------------------------------------Moody's Japan K.K. has placed the ratings of Class A through G-1of L-JAC 6 trust certificates on review for downgrade.

L-JAC 6 Trust is currently backed by one loan after the fullredemption of the other loan.

Ratings Rationale:

Moody's review of the ratings for downgrade is prompted by theconsideration of potential volatility in the price for theproperty in view of the plan for its disposal on or before theloan maturity date.

The remaining loan is backed by an office building located incentral Tokyo. The loan-to-value (LTV) ratio is over 100%, and theloan's scheduled maturity is in September 2014. Only part of theloan is therefore likely to be collected through selling theoffice building.

Currently, the building is occupied by a limited number oftenants. The lease agreement with the main tenant, who occupies amajority of the rentable space, will expire in December 2014.

Moody's expects volatility in the building's cash flow as thecurrent rent paid by the main tenant is higher than the marketlevel.

During the review period, Moody's will assess its assumptions onstabilized cash flows and property values in light of the rentalconditions in the sub-markets around the property.

Primary sources of assumption uncertainty are the conditions ofthe current macroeconomic environment for the commercial realestate market, especially occupancy rates, rents and the lendingpolicies of banks.

Moody's analysis assumes that the loan will miss its scheduledmaturity date in September 2014, and Moody's stresses the cashflow to derive the property value. Consequently, Moody's analysisencompasses the assessment of stress scenarios.

====================N E W Z E A L A N D====================

CHORUS LTD: Should Withdraw From UFB Contract, Broker Says----------------------------------------------------------Tom Pullar-Strecker at Stuff.co.nz reports that Forsyth Barr saidChorus Ltd should consider reneging on its contract to roll outultrafast broadband (UFB), even though it calculated the companycould face NZ$360 million in penalties.

According to the report, analyst Blair Galpin said cancelling theUFB contract would also give the Crown the right, over thefollowing six months, to step in and take control of the company.However, he said successfully backing out of the contract couldsave Chorus NZ$1 billion in capital expenditure and allow it topay some dividends, which it might not otherwise be able to do,the report says.

Stuff.co.nz relates that Forsyth Barr on November 29 slashed itsvaluation of Chorus shares by more than 20 per cent in the wake ofnews the Government would not have the support of minor parties toset the price of copper broadband.

Although the Government began downplaying the likelihood oflegislating the price of copper broadband several weeks ago, Mr.Galpin said confirmation there would be no law change could be"the final straw" for investors, the report relays.

It means a NZ$10.54 monthly cut to the wholesale price of a copperphone line and broadband connection, ordered by the CommerceCommission, is likely to take effect from December next year,Stuff.co.nz notes.

According to Stuff.co.nz, Forsyth Barr cut its "target price" forChorus shares from NZ$2.55 to NZ$2.10 and changed itsrecommendation from "buy" to "hold".

The report relates Mr. Galpin said the next 24 months for Choruswould be "dominated by uncertainty" while the commission carriedout a "full price principle" review of copper broadband pricingdemanded by Chorus.

The fact legislation was now off the table dramatically reducedthe options available for the Government to provide "anymeaningful support to Chorus", Mr. Galpin said, adding:"Withdrawing from UFB contract should be considered," the reportadds.

Chorus Committed to UFB Rollout

Meanwhile, Stuff.co.nz reports that Chorus chief executive MarkRatcliffe said the company is "100 per cent committed" to theultrafast broadband network and walking away is the absolute "lastthing" it would look at.

It has been speculated that Chorus might be better off pulling outof the contract to build the new communications network, eventhough it might cost it hundreds of millions in damages.

"We are 100 per cent committed," the report quotes Mr. Ratcliffeas saying. "We haven't missed a beat on delivering to networkmilestones. We are connecting every customer that wants to beconnected as quickly as we possibly can. "We don't think pullingout is an option."

Mr. Ratcliffe adds that Chorus might sit down with the Governmentto renegotiate the terms of the contract, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific onNov. 8, 2013, Stuff.co.nz said credit ratings agency Standard &Poor's expects Chorus will breach its banking covenants within twoyears unless it receives help. Stuff.co.nz said that freshevidence has emerged both for and against the contention thatChorus could absorb a NZ$10 reduction in the price it can chargefor copper broadband without government intervention. Accordingto Stuff.co.nz, Standard & Poor's and Moody's are both reviewingChorus's credit ratings after the Commerce Commission onNovember 5 ordered a 23 per cent cut in wholesale copper broadbandpricing.

About Chorus Ltd

Chorus Ltd -- http://chorus.co.nz/-- is a telecommunications utility provider. The Company provides services, such as networkaccess services, property co-location services, field services androadmap of services. The Company's network access services providedirect access to Chorus local access network. It connects around1.8 million New Zealand homes and businesses. Its propertyportfolio includes local telephone exchanges, roadside cabinets,mobile masts and radio towers. The Company manages security andaccess to its buildings and infrastructure across the country. TheCompany installs or repairs end customers' phone or Internetservices. The phone and Internet companies use its network todeliver services. The Company also provides services to radiooperators or organizations that need wireless communications.These organizations include TeamTalk, NZ Police, Civil Defenseorganizations and broadcasters.

Stuff.co.nz relates that the sale, which was flagged in July byFairfax Media, was confirmed by agent Graham Wall, of Graham WallReal Estate.

The sale price was nearly double the most recent council valuationof NZ$22 million on the property, according to the report.

Mr. Wall, who marketed the property internationally, said he solda lot of expensive property. Such homes were not subject toordinary market conditions.

"Unique assets create their own market. It's the best house everbuilt in New Zealand, I think, and so it was not a hard sell."

According to the report, Mr. Wall said he was unable to comment onwhether a caveat placed on the property's title by the FinancialMarkets Authority (FMA) had been a hurdle in the sale process.

It is uncertain how much of any sale proceeds from the ParitaiDrive property would flow back to the Hotchin family or theirrelated trusts, the report adds.

About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was New Zealand's third-largest privately-owned finance company withtotal assets of NZ$796 million at December 31, 2007. The companywas established in 1984 to provide finance to the rural sectorand began lending to property developers and investors in 1995.The loan portfolio has been gradually downsized since 2006 as aresult of a more cautious approach to lending in the face ofretail funding constraints.

Hanover Finance's investors in December 2008 voted in favor ofthe company's Debt Restructure Proposals, including a plan tofully repay NZ$552.6 million principal it owes over five years.However, Hanover Finance said in November 2009 it is no longerlikely to fully repay investors under a debt restructuring plandue to a deterioration in the commercial property developmentmarket, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanoverinterests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into theaffairs of Hanover Finance Ltd in September 2010 afterconsidering complaints received from the Securities Commission,Allied Farmers and others.

SFO on April 30, 2013, said it has completed its investigationof Hanover Finance, bringing to an end its investigations into the2007/08 finance company collapses. That process, which saw SFOinvestigate 15 separate companies, resulted in criminalprosecutions in relation to nine companies. Overall, 23individuals have faced charges laid by SFO.

According to the report, the company, which distributes travelinformation in print and online, said it had stopped trading onthe stock exchange after being placed in receivership on November28.

Stuff.co.nz relates that Jasons Travel Media said given thecompany's rapidly deteriorating financial position, the unlikelyprospects of a recovery in the short term, and the consequentialneed to protect creditors and preserve the assets of the company,the board had asked ANZ to appoint a receiver.

Stuff.co.nz, citing Companies Office, says Craig Crosbie --ccrosbie@ppbadvisory.com -- of business advisory and insolvencycompany PPB Advisory, had been appointed as receiver.

The report adds that PPB Advisory New Zealand managing partnerDavid Webb said in a written statement the receivers wereconducting an urgent review of the business. The business wouldcontinue to operate as normal, and all staff would be paid theirwages throughout the review process, Mr. Webb, as cited byStuff.co.nz, said.

Mr. Webb said receivers were also in discussions with severalunnamed parties who had expressed an interest in purchasingJasons, the report relays.

Auckland, New Zealand-based Jasons Travel Media Ltd --http://www.jasons.co.nz/-- is engaged in multi-media business. The Company is a multi-media creator and distributor of travel,tourism and leisure information for New Zealand, Australia and theSouth Pacific Islands through its Website www.jasons.co.nz,printed travel guides, maps and directories. The Company alsohosts tourism and travel-related Websites and manages contractprint and digital publishing, distributes print brochures andvisitor information for independent third parties. The Companyoperates in the tourism markets of New Zealand, Australia and theSouth Pacific. The Company's subsidiaries include Jasons TravelMedia Pty Limited, Visitorpoint Ltd, Southern BrochureDistribution Ltd, Today & Tonight Ltd and Carlton TourismPromotions Ltd.

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AMARU INC: Incurs $252,470 Loss From Operations in 3rd Quarter--------------------------------------------------------------Amaru, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a lossfrom operations of $252,470 on $6,800 of revenues for the threemonths ended Sept. 30, 2013, as compared with a loss fromoperations of $259,515 on $3,530 of revenues for the same period ayear ago.

For the nine months ended Sept. 30, 2013, the Company incurred aloss from operations of $799,262 on $20,750 of revenues ascompared with a loss from operations of $708,484 on $6,643 ofrevenues for the same period a year ago.

As of Sept. 30,2013, the Company had $1.81 million in totalassets, $3.32 million in total liabilities and a $1.51 milliontotal stockholders' deficit.

Amaru Inc. has amended its quarterly report for the period endedSept. 30, 2012. As restated, the Company reported a loss fromoperations of $259,515 on $3,530 of revenues for the three monthsended Sept. 30, 2012, as compared with net income includingnoncontrolling interest of $683,062 on $3,530 of total revenueas originally reported. The Company's restated balance sheet atSept. 30, 2013, showed $3.07 million in total assets, $3.57million in total liabilities and a $496,938 total stockholders'deficit. The Company previously reported $3.28 million in totalassets, $3.08 million in total liabilities and $195,261 in totalstockholders' equity as of Sept. 30, 2012. A copy of the Form 10-Q, as amended, is available for free at http://is.gd/zckAEo

Wei, Wei & Co., LLP, in Flushing, New York, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company has sustained accumulated losses from operationstotaling $41,220,399 and $41,322,752 at Dec. 31, 2012, and 2011,respectively, the Company's continued losses from operations andthe difficulty it has had in raising adequate additionalfinancing. These conditions and the Company's lack of significantrevenue, raise substantial doubt about the Company's ability tocontinue as going concern.

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KOOKMIN BANK: Consumer Advocacy Group to Request FSS Probe----------------------------------------------------------Yonhap News Agency reports that a consumer advocacy group said itplans to request the financial watchdog to probe top lenderKookmin Bank on concerns over losses inflicted on bank customers.

According to the report, KB Financial Group and its banking unitKookmin Bank have been under fire as the Tokyo office of KookminBank is suspected of raking in KRW2 billion (US$1.89 million) fromillegal lending and sending the hefty commissions back home.

Yonhap relates that the Financial Consumer Agency said that itplans to accept complaints from loss-hit customers due to KookminBank's alleged wrongdoings and will request the FinancialSupervisory Service (FSS) to probe them within this year.

"We plan to request the audit on the grounds that hundreds of bankcustomers feel uneasy and there is a possibility that they haveincurred losses," Yonhap quotes Cho Nam-hee, head of the consumeradvocacy group, as saying.

The agency also said it plans to file a complaint with Euh Yoon-dae, the former chairman of KB Financial Group, and Min Byong-deok, the former head of Kookmin Bank, citing their mismanagement,Yonhap relays. It noted that it will also seek to request currentheads of the group and the bank to step down.

Adding to the Tokyo office incident, the report relates, KookminBank has been under criticism over other wrongdoings including itsheavy investment loss related to Almaty-based Bank CenterCredit(BCC).

Lee Kun-ho, president of Kookmin Bank, made public apology onNovember 27, saying that he will take responsibility for a seriesof mishaps, Yonhap reports.

South Korea-based Kookmin Bank Co. Ltd. provides various bankingand other financial services to individuals, small- and medium-sized enterprises, and large corporations.

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VIET NAM FOOD: Ex-Director Gets 30-Year Jail For Embezzlement-------------------------------------------------------------Biz Hub reports that a HCM City court on November 27 handed downsentences of seven to 30 years to five defendants involved inembezzlement of funds at the Viet Nam Food Industries Joint-StockCompany (Vifon) from 2002 to 2006.

The report says the court sentenced Nguyen Thanh Huyen, formerdeputy general director of Vifon, to 30 years for embezzling fundsand abusing confidence by misappropriating assets.

Nguyen Bi, former chairman of the management board and generaldirector of Vifon, was sentenced to 22 years for abusingconfidence by misappropriating assets, the report relates.

Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactPeter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.